Whales collect 23 trillion PEPE during price slump, fueling hopes of recovery

Pepe (PEPE), a major meme on the Ethereum network, recorded a decline for the sixth week in a row. However, the data on the chain shows that the smart addition of money remains a possibility.

Followers are wondering if Pepe can recover, with popular meme coins losing ground amid poor market liquidity.

Last month, James Wynn, a well-known Hyperliquid trader with huge long positions in PEPE, predicted that PEPE’s market cap. It may reach $69 billion by 2026. This forecast came just before a strong rally. Two weeks later he got up For sure He closed all his centers and stood up Selling his entire stake in Pepe.

Despite this exit, other investors continued to accumulate Bibi coin. Data on the chain from Santiment showed a significant change in the behavior of the first 100 wallets. In the last four months, after the massive market sell-off in October, these wallets have accumulated about 23.02 trillion Pepe coins.

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Santiment noted that large wallets often play a crucial role in reversing the trend of altcoins and triggering strong price surges.

Smart money wallets are a big part of the latest round of turning altcoins and launching big bullfights, Santiment said. Although the retail investor sentiment is currently very negative towards Pepe and meme coins, it is expected that the heavily accumulated currencies will inevitably see a new takeoff once Bitcoin is able to achieve sustained momentum. I mentioned.

Analysts expect Pepe’s price to rebound shortly. However, caution remains, as a new local low may form before any sustained recovery.

It seems that the recovery of Pepe is supported by some foundations. However, investors remain hesitant to allocate their capital to the same coins in the current market conditions.

warned market analyst Benjamin Quinn From him in Tight liquidity environmentmemecoins are likely to suffer the most severe impact. Some of these currencies may disappear completely.

Data on the dominance of memecoin in the altcoin market, which measures the market capitalization of memecoins as a percentage of the total market capitalization of altcoins, suggests that it remains low.

A sustained recovery in this ratio provides a clearer indication of a broader recovery for PEPE and the memecoin sector in general.