Pepe Price Surges 25% on Whale Demand and Futures Interest

Pepe has surged by nearly 25% in the past week, driven by whale demand and increased futures interest. The surge in price follows a combined 22% advance over the previous two trading days. According to Bitget, seven large transactions worth more than $1 million each occurred on Thursday, marking the highest daily total since March 16.

The decline in exchange supply, from 82.75 trillion tokens on August 12 to 81.30 trillion now, reduces the amount of Pepe immediately available for trading and potential sale. Meanwhile, leading non-exchange addresses have increased their combined holdings by 3.54 trillion tokens since August 12.

PEPE futures Open Interest climbed to a three-month high of $250 million, up from $209 million the previous day. The positive funding rate indicates that long-position holders are paying short traders, reflecting a bullish bias. However, rising Open Interest and positive funding can also increase liquidation risks if the price reverses sharply.

Pepe's near-term technical outlook has improved after its latest rally pushed the token above the 50-day EMA at $0.00000283 and the 100-day EMA at $0.00000300. The meme coin has also surpassed its June 15 high of $0.00000314, clearing another important resistance level.