The crypto market is witnessing renewed activity as whales accumulate PEPE and WIF. According to Spot On Chain, large investors have been withdrawing millions of dollars worth of meme coins from Binance, signaling increased accumulation. As PEPE’s price hovers around critical levels, technical analysis suggests that breaking through the 50 SMA and 200 SMA could pave the way for a strong rally.
Whale Accumulation in PEPE and WIF Continues
On-chain data from Spot On Chain reveals that on February 6, significant whale purchases were made in PEPE and WIF. A whale with the wallet address “0xf37” entered the PEPE market for the first time, withdrawing 375.35 billion PEPE worth $3.73 million from Binance. This transaction reflects a growing interest in meme coins among large investors.
Another whale, “A3kTT,” which had remained inactive for two years, made a surprising comeback by acquiring 6.5 million WIF worth $5.19 million from Binance. Additionally, the whale known as “4x3M8”, despite a previous $1.35 million loss in WIF trading, doubled down by purchasing 9 million WIF worth $7.42 million.
These substantial whale movements indicate a resurgence of investor interest in meme coins. If this trend persists, PEPE and other similar assets could experience notable price swings in the near future.
PEPE Price Trends and Key Resistance Levels
The recent sell-off in the crypto market significantly impacted meme coins. PEPE dropped to $0.0000081 but quickly rebounded, currently trading at $0.00001023, marking a 0.64% daily increase despite a 22% decline over the past week.
Back on December 9, PEPE hit its all-time high of $0.000028, but it has since been on a steady downtrend. The token slipped below the 50-day SMA in mid-December, dropping to $0.00001752, and by late January, it further declined to $0.0000113.
Recently, PEPE fell below the 200-day SMA, reaching $0.00001328—a level that has acted as strong support since November. Losing this crucial support level could present significant downside risks.
Analysts suggest that for PEPE to regain momentum, it must break above the 50-day SMA and 200-day SMA. If it manages to surpass these levels, whale accumulation could fuel a stronger recovery in the coming weeks.
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