$PEPE remains under pressure as the Ethereum-based meme coin records its sixth consecutive week of decline. At the time of writing, the token trades near $0.000003503, reflecting a 3.8% daily decrease and a 13.8% drop over the past seven days. Despite persistent price weakness, on-chain data suggests notable accumulation by large holders.
According to analytics platform Santiment, the top 100 PEPE wallets have accumulated approximately 23.02 trillion tokens over the past four months. The accumulation phase reportedly intensified following October’s broader market sell-off. Historically, movements from major wallets have played a significant role in shaping altcoin momentum.
While retail sentiment remains cautious, large holders continue to increase exposure. This divergence between price action and whale behavior may indicate long-term positioning, though confirmation of a trend reversal remains pending.
Separately, prominent trader James Wynn previously projected PEPE’s market capitalization could reach $69 billion by 2026. Although he later exited his positions, other large wallets appear to have continued accumulating, suggesting sustained interest among select investors.
Liquidity conditions remain a key variable. Analyst Benjamin Cowen has highlighted that meme coins tend to face heightened downside risk in tightening liquidity environments. Meme coin dominance across the broader altcoin market also remains relatively subdued, reflecting cautious capital allocation.
Market participants now monitor Bitcoin’s momentum and broader liquidity trends as potential catalysts. While a short-term rebound remains possible, volatility is expected to persist as the market searches for directional clarity.
This article is for informational purposes only and does not constitute financial advice.
