Forget Bitcoin! Whales Are Stacking Billions into This Surprising MemeCoin

Forget Bitcoin! Whales Are Stacking Billions into This Surprising MemeCoin

As Bitcoin (BTC) and Ethereum (ETH) continue to face declining demand, investors are setting their sights on small-cap altcoins and meme coins in pursuit of higher returns.

Despite Bitcoin's drop below $60k, the total market cap for top meme coins has grown by over 2%, reaching approximately $42.3 billion, with a daily average traded volume of $7.3 billion.

Whale Investors Accumulate Pepe Tokens

On-chain data indicates that whale investors have increased their accumulation rates as the crypto market consolidates. This suggests confidence in an upcoming rally.

One wallet associated with Ceffu, an institutional custody provider, has acquired 1.48 trillion Pepe tokens ($11.6 million) from Binance.

Another whale has purchased 173 billion PEPE ($1.34 million) and still holds nearly $500k in USDC, which may be used for further investments in Pepe.

Technical Analysis

Pepe's price has exhibited a correlation with Bitcoin, but its performance has been mixed recently. The meme coin has been in a corrective phase for the past three months and may continue in the near term.

Historically, September has been a bearish month for cryptocurrencies. With Pepe's RSI below 50%, it could face a potential drop of around 25% before rebounding in the expected altseason.