The price of Pepe coins is hovering near a critical support zone as large holders quietly accumulate 23.02 trillion tokens despite a 73% market cap.
Summary
- The top 100 wallets collected 23.02 tons of PEPE in four months.
- The price continues to print lower highs and lower lows on the daily time frame.
- The RSI is in the mid-30s while the price is below the 50-day MA.
Pepe was trading at $0.0000036 at the time of writing, down about 6% in the last 24 hours. Losses extend over longer time frames. The token is down 16% over the past week and almost 42% over the past month, reflecting continued pressure in the meme coin segment.
Activity on site has cooled down. Trading volume fell 13% to $274 million, indicating that participation remains selective. In derivatives markets, futures volume fell 12% to $430 million, while open interest rose 10% to $221 million, CoinGlass said. facts.
When open interest increases as the price falls, it often indicates a new short position rather than aggressive long exposure.
Large holders continue to accumulate despite a 73% loss
However, on-chain data presents another layer of the story.
Santiment reported on February 11 that the top 100 Pepe (PEPE) wallets have collected 23.02 trillion tokens over the past four months. The buying started around October’s market correction and has continued apace, even as broader sentiment toward meme coins remains weak.
This accumulation has occurred while PEPE has lost roughly 73% of its market capitalization from its cycle high of nearly nine months ago. That context matters.
When large portfolios absorb supply during extended declines, circulating liquidity tightens. There are fewer tokens available to purchase. Because the overhead supply has already decreased, the price may move more quickly if demand returns later, even if only slightly.
Similar accumulation phases preceded sharp upward moves once momentum shifted in previous meme coin cycles. However, accumulation in itself does not guarantee reversal. While it sets the stage for an increase, the price structure should confirm that buyers are willing to enter at higher levels.
Technical analysis of the Pepe coin price
From a chart perspective, PEPE continues to print lower highs and lower lows on the daily time frame. The broader trend has not yet changed.
The token is trading below its 50-day moving average, currently near $0.0000043, and that average is starting to trend downward. Any recovery attempt is limited to below previous swing highs.
Price has repeatedly tested the $0.0000032–$0.0000036 zone. So far that area of support has held, but responses have weakened. Smaller candle bodies are now forming and range expansion has slowed. Volatility is decreasing rather than accelerating.
The Bollinger Bands have narrowed compared to previous weeks. The lower band has flattened out and the price is no longer aggressive. When bands band together in this way, a bigger move often follows. The direction will depend on which boundary breaks first.
The momentum remains soft. The daily relative strength index briefly fell below 30 and has stabilized in the range of 34-35, still well below the neutral level of 50. No confirmed bullish divergence has formed yet. Although the force has not returned, the downward pressure has decreased.
A daily close below $0.0000032 would likely reveal the psychological level of $0.0000030. If that fails, there could be deeper support near $0.0000028, where buyers have previously intervened.
To move higher, bulls need to recover $0.0000043, which is in line with the 50-day moving average and the Bollinger middle band. A prolonged break above that level could open up the next visible supply zone, $0.0000053.
The price would need to push the RSI back towards 45-50, break above $0.0000043 on increasing volume, and push a higher high on the daily chart before the move can be confirmed as bullish.
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