Pepe Coin staged a strong comeback on Thursday, July 3, riding the wave of a broader crypto market rally and renewed interest from big investors or “whales.”
The price of Pepe (PEPE), the second-largest meme coin on the Ethereum network, surged to $0.0000107, marking its highest level since June 17. The rally came alongside a wider market boost, with Bitcoin breaking past $110,000 for the first time in weeks.
Whale Activity Boosts Confidence
Fresh data from blockchain analytics firm Nansen shows that Pepe’s price spike coincided with significant whale accumulation. Large holders now own 7.95 trillion PEPE tokens, a 5% increase over the past month.
The top 100 PEPE addresses have also grown their holdings, now controlling a total of 302.8 trillion tokens—a 3.86% rise compared to the previous month.
Meanwhile, the amount of PEPE tokens held on crypto exchanges has dropped to its lowest point in over two years. As of July 3, exchanges held 246.96 trillion tokens, down from 254 trillion a month earlier.
Typically, a decline in tokens on exchanges suggests that investors are transferring their holdings into personal wallets for long-term storage rather than preparing to sell. Conversely, assets are usually moved to exchanges when traders plan to cash out or anticipate price declines.
Ethereum’s Rally Lifts Pepe
Pepe’s recent surge also mirrors Ethereum’s bullish breakout. On the same day, ETH retested the $2,600 resistance level. Since PEPE is an ERC-20 token built on Ethereum, its price often follows ETH’s moves. For instance, back in May, Pepe rallied significantly when Ethereum’s price soared from $1,388 to $2,867.
Technical Outlook: Room for More Gains
A closer look at Pepe’s daily chart reveals that the token reached a high of $0.00001625 in May before slipping into a bearish phase throughout June.
However, the price found support at a key level that aligns with an ascending trendline connecting lows dating back to March.
Moreover, Pepe has formed a falling wedge pattern a classic bullish signal in technical analysis. This pattern is characterized by two downward-sloping trendlines that converge, often preceding a breakout to the upside.
At present, Pepe is attempting to break above its 50-day and 25-day exponential moving averages. If the current momentum continues, PEPE could climb toward the $0.00001625 resistance level a move that would represent a gain of over 70% from current prices.
Still, traders should watch the $0.0000080 support level closely. A drop below this key zone would invalidate the bullish outlook and could lead to further downside.
