Pepe Memecoin Surges 25% Amid Whale Activity and Futures Interest
The Pepe (PEPE) memecoin has seen an impressive surge of 25% over the past week, with a significant increase in whale activity and futures interest. This growth is reflected in the token's market capitalization, which now stands at $1.19 billion, making it the fourth-largest memecoin by valuation.
The recent price movement can be attributed to seven major transactions valued above $1 million each on Thursday, representing the highest concentration of whale-sized transfers since mid-March. This indicates a shift in token distribution from exchanges into substantial private wallets, typically a sign of institutional or whale-level accumulation activity.
Futures markets have also displayed strong bullish sentiment, with Open Interest in PEPE perpetual futures contracts reaching $250 million, marking a three-month peak. The weighted funding rate currently stands at 0.0095%, indicating that long position holders are willing to pay premiums to maintain their exposure.