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06/17 05:56

Pepe Coin Price Holds Steady as Whale Netflows Spi

Pepe Coin Price Holds Steady as Whale Netflows Spike 54% Despite Losses

Pepe Coin price holds steady at $0.000011 as whale netflows surge by 54% despite wallet profitability falling to a monthly low.

Pepe Coin Defends $0.000011 as Whale Netflows Surge

Pepe Coin price has stabilized at the $0.000011 range in the last three days as buyers and sellers appear hesitant.

PEPE's whale netflows have increased by 54% in 24 hours signalling whale accumulation.

Whales continue to accumulate Pepe Coin despite holder losses surging to a monthly high.

Pepe Coin (PEPE) price appears to have found its footing at $0.000011 as the meme coin recorded a significant decline in volatility in the last three days. The steady price movements follow a 54% increase in whale netflows as large addresses actively purchased the coins sold by traders who were exiting the market following a surge in losses to the highest level in one month.

Pepe Coin Price Stabilizes as Whale Netflows Surge

In the last three days, PEPE price has fluctuated between $0.0000106 and $0.000011. Such moves are usually rare for meme coins, which are popular for having notorious volatility where the price can record massive dips or gains within a short time. At press time, the token was trading at $0.0000115 with a 3% gain in 24 hours, as the uptrend mimicked recovery across the broader market.

The recent price moves follow a 54% uptick in large holder netflows as depicted by IntoTheBlock data. Whale holdings have increased from 81 billion to 125 billion, which shows that they bought 44 billion tokens within 24 hours. However, as the chart below shows, these netflows are yet to reach their weekly highs, suggesting that some whales remain hesitant.

Pepe Coin Stabilizes as Whale Netflows Spike 54%

Pepe Coin Large Holder Netflows (Source: IntoTheBlock)

At the same time, whale inflows also rose from 1.2 trillion PEPE to 1.92 trillion tokens. The inflows indicate that large addresses have added more tokens to their wallets than they have sent to exchanges, which could be good for the price of this top meme coin.

Additionally, whales on the HyperLiquid DEX platform appear to be opening long positions on the meme coin as they speculate on a price increase. Per Coinglass data, two whales have opened more than $3 million long positions on PEPE in the last two days.

As the price holds steady at $0.000011 and whale interest increases, it weakens the previous bearish outlook after Pepe Coin whales exited the market, as a bearish triangle warned of a 30% drop. The return of these large wallets could see the meme coin avoid adding another zero.

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Pepe Coin has dropped by 30% since the May 23 high of $0.000016, and this has pushed many holders into losses. On-chain data shows that 38% of SHIB holders are sitting in losses, with the percentage of profitable addresses falling to the lowest level in one month.

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