Whale Demand Fuels Fresh PEPE Rally
The PEPE price has been steadily increasing over the past two days, reaching 25% gains this week. This surge in value is partly due to renewed demand from large-wallet holders, known as whales.
Data shows that seven transactions exceeding $1 million occurred on Thursday, with whales transferring supply from exchanges to their top addresses. As a result, the supply held on exchanges has decreased to 81.30 trillion PEPE, while the top non-exchange addresses now hold 84.04 trillion PEPE.
This trend reversal hints at an upside for PEPE, as a surge in whale demand near swing lows often signals a trend reversal. On the retail side, PEPE futures Open Interest has hit a three-month high of $250 million, indicating a positional buildup and further gains for the meme coin.