The meme-inspired cryptocurrency PEPE has recorded a sharp price increase of over 6% within 24 hours. The rally attracted significant trader attention and pushed trading volumes to nearly three times their normal levels.
The token's price climbed from $0.000009138 to $0.000009652 at the time of writing. Technical analysis data shows volatility expanded by more than 7% during the move. Trading volume reached 5.61 trillion tokens, substantially exceeding the daily average of 1.89 trillion tokens.
The price breakthrough pushed PEPE through established resistance levels. The token maintained its position above $0.000009600 by the end of the rally. Market participants viewed the sustained price action as a signal of continued buying pressure.
Whale Activity Signals Confidence in PEPE
Data from blockchain analytics platform Nansen reveals strategic accumulation by large holders preceded the price surge. The top 100 non-exchange Ethereum addresses increased their PEPE holdings by 3.4% over the past 30 days.
Exchange wallets showed contrasting behavior during the same period. These addresses experienced a 2% decline in PEPE holdings. The pattern suggests investors moved tokens from exchanges to private wallets for longer-term holding.
This shift in token distribution typically indicates reduced selling pressure. Whales removing assets from exchanges often precedes price appreciation. The accumulation pattern developed gradually before the recent breakout occurred.
Large holders demonstrating confidence in an asset frequently influence retail trader sentiment. The whale activity provided support for the token before broader market participation drove the rally.
Technical Levels and Market Structure
Current support for PEPE sits near the $0.00000900 level. This price point represents a key zone where buyers previously entered the market. Traders will monitor this level for signs of demand if prices retreat.
Resistance has formed around the session high of $0.000009681. Breaking above this level could open the path to further gains. The token showed consolidation patterns toward the end of the rally.
Price consolidation after a strong move often precedes another directional push. Traders analyze these patterns to anticipate potential breakouts or reversals. The current structure suggests the market is digesting recent gains.
Volume patterns during the rally indicated genuine buying interest rather than speculative spikes. Sustained high volume typically supports continued price movement. The surge exceeded typical daily activity by a significant margin.
Futures Market Shows Growing Interest
Open interest in PEPE futures products has climbed steadily. CoinGlass data shows futures open interest now approaches $600 million. This metric tracks the total value of outstanding futures contracts.
Rising open interest alongside price increases confirms growing market participation. Traders use futures products for both speculation and hedging strategies. The expanding futures market indicates institutional and sophisticated retail interest.
