PEPE prices are in recovery territory, but even potential bullish outcomes are proving bearish.

Investors have suffered significant losses, but that may not stop big money holders from going on a buying spree.

PEPE Hits the Bears

PEPE’s price has shocked the market with a modest 9% increase in the past 24 hours. This is not because it has led to the start of a recovery, but because it has led to a large number of short liquidations.

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According to data, the meme coin saw $17 million worth of short liquidations in a single day. This is the largest liquidation in the meme coin’s history, suggesting that shorts expect the PEPE price to fall further this weekend.

But while this is bad news for short sellers, it is good news for other investors, namely the top addresses including whales. These non-exchange addresses hold more PEPE than other individual addresses.

In the past three weeks, these investors have purchased more than 1.5 trillion PEPE, worth more than $13 million. This shows that top holders have not turned bearish due to the decline, but rather see it as an opportunity to accumulate. This will prove profitable once the price recovers.

PEPE Price Prediction: Resuming the Uptrend

Earlier this week, the PEPE price lost its upward trend that had been unbroken since mid-April. As a result, the meme token fell from $0.00001146 to $0.00000889 as of the time of writing. The drop below $0.00001000 was a key bearish moment, leading many to believe that further declines were inevitable.

However, the green candle 24 hours ago could be the first sign of recovery. If the meme coin once again multiplies the $0.00001000 support, it could rise to $0.00001146 to recover the recent losses.

However, if it fails, a drop to $0.0000775 and subsequent consolidation below $0.00001000 is also possible. This will invalidate the bullish thesis.