The overall decline in meme market activity has impacted the price of Pepe (PEPE). At press time, the leading meme coin was trading at $0.000011, and its value has fallen by 22% over the past month.
However, PEPE whales have seen this price drop as a buying opportunity and have spent the last few weeks “filling their bags.”
Pepe the Whale Monkey in
An assessment of Pepe (PEPE) whale activity has revealed a surge in accumulation by investors holding between 100,000 and 10,000,000 tokens. At the time of writing, this cohort of PEPE investors holds 71,439 PEPE tokens.
This group of PEPE investors has increased their holdings by 3% over the past week. This comes amidst an overall increase in demand for the meme coin over the past seven days.
On-chain data shows that daily active PEPE addresses have increased by 105% over this period. Likewise, the number of new addresses created daily to trade the meme coin has also increased by over 300%.
Read more: Pepe: A detailed guide on what it is and how it works
When an asset experiences a surge in whale accumulation and general demand on the network during a period of declining prices, traders and investors view the lower price as a buying opportunity.
PEPE Price Forecast: Bearish Bias Remains Significant
Despite the increased attention from whales in recent weeks, the bearish sentiment that follows PEPE remains significant. According to the Directional Movement Index (DMI), PEPE’s positive directional index (blue) is currently below its negative index (red).
An asset’s DMI determines the direction of its market trend. When set this way, it signals that the downward price trend is stronger than any upward price movement. It indicates a continuation of the bearish trend.
If PEPE’s monthly decline continues, its price could fall to $0.000010.
Read more: Pepe (PEPE) Price Forecast 2024/2025/2030
However, if this trend changes and an uptrend begins, the value of the meme coin could rise to $0.000012.
