Pepe, the meme-inspired cryptocurrency tied to the iconic “Pepe the Frog” meme, is witnessing a significant shift in its holder composition and whale activity, according to recent data from IntoTheBlock.
On December 3, large holders of Pepe (PEPE) saw a sharp reversal in net flow, moving from a net outflow of 534 billion PEPE to a net inflow of 580 billion PEPE. This surge in whale accumulation signals a potential shift in market sentiment, possibly sparking a wave of FOMO (fear of missing out) among retail investors.
One of the most notable moves comes from an anonymous Pepe whale, which has accumulated over 337 billion PEPE tokens over the past 20 days. These tokens, worth approximately $7 million, were withdrawn from Binance, the world’s largest cryptocurrency exchange, according to Lookonchain data shared on Wednesday.
The uptick in whale activity is reminiscent of a similar event on November 14, when large holders amassed a staggering 4.7 trillion PEPE tokens as the price of the meme coin briefly reached $0.000023. Since then, PEPE’s price has consolidated just below that mark.
However, while whales are increasing their holdings, long-term investors are steadily exiting. Data from IntoTheBlock shows a decline in both mid-term and long-term PEPE holders over the past month. For example, the number of addresses holding PEPE for over a year dropped from 91,200 on November 11 to 89,000 on December 3. Similarly, the number of “cruisers”—those holding PEPE for between one and 12 months—plummeted from 200,000 to 89,000 in the same period.
Meanwhile, the number of short-term traders has seen a sharp rise. PEPE addresses holding the token for less than a month surged by 262% in the last 30 days, reaching 72,000 unique addresses.
Currently, Pepe’s price has stabilized around $0.000020, and its market capitalization stands at $8.69 billion. Despite the bullish momentum sparked by whale activity, PEPE’s 24-hour trading volume has declined by 1%, settling at $3.48 billion. This slowdown in volume, coupled with the growing dominance of short-term traders, suggests that the token could face resistance in maintaining its upward trajectory without continued whale support.
As the market remains in a highly volatile state, it seems PEPE’s future price movements will depend largely on whether large holders continue their accumulation spree or if short-term traders dominate the market.
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