Key Highlights
- PEPE has surged 25% over the past week, with a 12% increase in the last 24 hours
- Thursday saw seven major whale transfers exceeding $1 million each, marking the most activity since March 16
- Token supply on exchanges declined from 82.75T to 81.30T PEPE while major holder wallets expanded to 84.04T PEPE
- Open Interest in futures markets reached a three-month peak of $250 million accompanied by positive funding rates
- Spot market activity lags with $2.65 million in net selling pressure recorded between August 18ā19
The Pepe memecoin has experienced consecutive daily gains of 11% on both Wednesday and Thursday, pushing its seven-day performance to an impressive 25%. The token now trades comfortably above both its 50-day and 100-day Exponential Moving Averages (EMAs), with technical momentum indicators trending positively.
With a current market capitalization of $1.19 billion, PEPE holds the position as the fourth-largest memecoin by market value. Prior to this week’s breakout, the token had traded sideways for the previous 30 days.
On-chain analytics from Santiment reveal that Thursday witnessed seven substantial transfers valued at over $1 million each. This represents the highest concentration of large-scale whale activity observed since March 16.
Exchange balances have experienced notable contraction. From August 12 to present, PEPE tokens held on centralized exchanges decreased from 82.75 trillion to 81.30 trillion. Simultaneously, holdings in major non-exchange wallets expanded from 80.50 trillion to 84.04 trillion PEPE.
This migration of tokens from exchanges into large private wallets coinciding with price lows typically indicates strategic accumulation by institutional or high-net-worth participants.
Futures Activity Shows Strong Bullish Sentiment
Open Interest in PEPE perpetual futures contracts climbed from $209 million to $250 million, representing the highest level in three months. The OI-weighted funding rate currently stands at 0.0095%, indicating that long position holders are willing to pay a premium to maintain their bullish exposure.
Leading up to this week’s price action, the perpetual futures market had experienced approximately $17 million in capital outflows across a 15-day period. That trend has completely reversed. Aggregate perpetual contract inflows have now reached approximately $84.44 million, with net positive inflow measuring $1.10 million.
CoinMarketCap’s sentiment indicator for PEPE registered a score of 4.89, placing it firmly in the “very bullish” category.
Spot Trading Activity Remains Subdued
Spot market participation has not kept pace with derivatives activity. Data shows that between August 18 and 19, net PEPE sales on spot exchanges totaled $2.65 million. Approximately $2.31 million of this selling occurred on August 19 specifically.
Over the most recent 24-hour period, spot net accumulation has improved to approximately $660,170. While this represents positive buying pressure, it remains insufficient to counterbalance the preceding sell-off.
From a technical analysis perspective, PEPE has successfully breached the June 15 peak of $0.00000314. The subsequent resistance level sits at the 200-day EMA positioned at $0.00000363. A decisive move above this threshold could establish a clear trajectory toward the May 10 high of $0.00000459.
The MACD indicator has generated a bullish crossover, with the MACD line moving above its signal line and entering positive territory. A fresh bullish histogram has developed above the zero baseline.
Should spot market buying momentum strengthen and align with futures activity, it would provide confirmation that this rally has sustainable support across multiple market segments rather than being isolated to derivatives trading.
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