Pepe Memecoin Surges 25% Amid Whale Activity and Futures Interest

The memecoin Pepe (PEPE) has experienced a significant surge in price over the past week, rising by 25% and reaching its highest level since mid-March.

This growth can be attributed to increased whale activity, as large transfers exceeding $1 million each have been observed on Thursday. In fact, this marks the highest number of such transactions since March 16, according to data from Santiment.

The token's reserves on exchanges have also seen a notable decline, indicating that tokens are being transferred into substantial private wallets. This shift typically suggests institutional or whale-level accumulation activity.

Futures markets show strong bullish sentiment, with open interest in PEPE perpetual futures contracts reaching $250 million, the highest level observed in three months. The weighted funding rate currently stands at 0.0095%, indicating that long position holders are willing to pay premiums to maintain their exposure.