Pepe Surges on Macro Conditions, Whale Accumulation, and ETF Speculation
The price of Pepe (PEPE) surged by 6.37% in the last 25 hours, fueled by a combination of macro risk-on conditions, whale accumulation, and ETF speculation.
The move is part of a broader rally in Bitcoin and altcoins, with memecoins like PEPE acting as high-beta extensions of that rally. The US Treasury's doubling of long-term bond buybacks has compressed yields, pushing Bitcoin above $80,000, and spot BTC ETFs have taken in around $1.9 billion over the past week.
The influx of capital into memecoins has been driven by whale accumulation, with large wallets buying up PEPE while supply on exchanges dwindled. The top holder wallet's balance increased by 3.54 trillion PEPE, while exchange balances fell by around 1.45 trillion tokens in a 24-hour window.
The proposed spot PEPE ETF filing with the US SEC has also contributed to the narrative tailwinds, attracting momentum traders and retail interest in the meme asset.