Pepe price rallies as whales accumulate amid Ethereum rally
Pepe price has climbed four days running, reaching $0.000012, its highest since July 28, propelled by significant whale accumulation and an Ethereum rebound. Nansen data show whales increased holdings to 8.95 trillion PEPE, a 12% monthly rise and 30% year-on-year gain. Smart money investors also boosted holdings from 258 billion in May to 643 billion tokens. Pepe futures open interest surged to $720 million over seven days, coinciding with sustained positive funding rates. Technical analysis shows Pepe price above an ascending trendline and the 50-day moving average, forming an ascending triangle. Bulls target the 38.2% Fibonacci level at $0.000014 and the year-to-date high of $0.00001625. The ETH rally to $4,100 may further fuel meme coin demand on its network, mirroring moves in WIF and BONK.
Bullish
Whale accumulation often signals institutional confidence and can prelude price rallies, as seen during previous meme coin surges like Dogecoin in early 2021. The four-day rebound in Pepe price, coupled with rising futures open interest and positive funding rates, indicates bullish trader sentiment. The Ethereum rally further supports network-based meme coins, suggesting sustained buying pressure. In the short term, traders may chase breakouts above key Fibonacci levels, while long-term holders could view the accumulation trend as a sign of continued upside potential, reinforcing a bullish outlook.