- PEPE whales grew holdings by 2.3% in July while exchange reserves declined 2.17%, tightening sell pressure.
- Price broke above $0.000013 resistance with RSI at 63.35 and MACD histogram turning positive.
- Meme coins rose 11.3% amid Bitcoin’s ATH, with PEPE’s $1.06B volume topping Shiba Inu and Dogecoin
Whale activity surrounding $PEPE intensified in July, fueling a price breakout that coincided with Bitcoin’s rise to an all-time high. Over a 48-hour span from July 10 to 11, whales withdrew approximately $9.8 million worth of PEPE from exchanges. This accumulation reduced immediate sell pressure and helped lift PEPE above a critical technical resistance.
As PEPE surged 1.99% within 24 hours, the move came amid an 11.3% rise across the meme coin sector. This upward momentum aligned closely with Bitcoin reaching $118,000. Whale wallet 0x06b3 purchased 227.8 billion PEPE tokens valued at $2.68 million just ahead of the breakout, showing an aggressive accumulation stance.
Top PEPE Holders Accumulate as Exchange Reserves Drop
In July, the top 100 PEPE addresses increased their holdings by 2.3%, bringing total ownership to 304.1 trillion tokens. Simultaneously, PEPE’s exchange reserves fell 2.17%, pointing to a reduction in circulating supply available for immediate sale.
Notably, this shift in distribution happened quickly. From July 10 to 11, net outflows from centralized exchanges totaled $9.8 million. The most significant purchase occurred when wallet 0x06b3 bought a large volume of tokens right before the price broke through resistance. This pattern reduced short-term volatility and contributed to a tighter market environment.
The synchronized movement of large holders not only increased concentration but also helped PEPE outperform other meme coins. This created the conditions for a breakout while consolidating whale control over supply.
PEPE Breaks Downtrend as Volume Surges and Technical Indicators Turn Bullish
PEPE’s price closed above $0.000013 breaching the Fibonacci 23.6% retracement level and invalidating a three-week downtrend. Technical indicators were in agreement with the breakout. RSI was at 63.35 which signals a moderate momentum with further gains possible.
Meanwhile, the MACD histogram has turned positive, recording at +0.00000038278, which supports the bullish technical argument further. In the meantime, the daily trading volume increased to $1.06, which was 70% a day ago. This raise was even higher than that of Shiba Inu and Dogecoin during the same time.
The broader meme sector also responded positively to Bitcoin’s climb. PEPE, highest in volume and social discourse, saw a 320% increase in pepe. Social metrics also reported increasing activity on crypto discussion boards, charting talk, and influencer accounts, further evidence of the trend.
Support has now shifted to $0.00001175, while resistance has shifted to $0.00001263. PEPE’s seven-day simple moving average stands at $0.000011175 and forms another technical bottom as volatility continues.
Whale-driven accumulation concentrated token ownership, reducing available supply and enabling PEPE to lead meme coin trading and social activity over the period.
