PEPE Leaps 14% Amid Whale Buying as Bitcoin Surges Beyond $118K
PEPE notched a 14% gain over the past 24 hours, riding a wave of large-holder accumulation and broader market optimism, as Bitcoin smashed through the $118,000 mark.
The meme-inspired token soared from $0.000011141 to a session high of $0.000012812, with traders rekindling interest in speculative plays. During the same period, the CoinDesk 20 Index climbed 7.3%, while the CoinDesk Memecoin Index advanced 11.3%.
Data from Nansen revealed notable whale activity, with the top 100 wallets increasing their PEPE holdings by 1% to reach 304.1 trillion tokens. Simultaneously, balances on exchanges declined, signaling reduced immediate selling pressure and potential further price appreciation.
Zooming out, the top 100 holders have boosted their PEPE stacks by 2.3% over the past month, while exchange-held supply dropped 2.17%, now sitting at 252.2 trillion tokens.
From a technical perspective, PEPE traded in an 18% intraday range between $0.000009823 and $0.000013068. Resistance emerged near $0.000012482, where heavy volume capped gains, while support solidified around $0.000011013, providing a potential launchpad for further moves.
Analysts note that the combination of whale accumulation and tightening supply could fuel additional upside if Bitcoin maintains its upward momentum.
