Blockchain data from Spot on Chain reveals significant accumulation of PEPE tokens by cryptocurrency whales, suggesting growing interest as the price approaches historical support levels.
A whale wallet identified as “0x8f5” recently made headlines by withdrawing 280 billion PEPE tokens, valued at approximately $5 million, from Binance. This same wallet has shown diverse investment interests, having also accumulated 47.4 million JASMY tokens worth $1.54 million just a day earlier.
Another significant player has entered the scene, with whale wallet “0xb1a” investing 3.72 million USDC to acquire 200.4 billion PEPE tokens. However, this particular whale’s history with PEPE hasn’t been entirely profitable, having previously recorded losses of $1.45 million from earlier PEPE trades.
Whales are accumulating $PEPE!
1/ New whale “0x8f5” withdrew 280B $PEPE ($5M) from #Binance 4 hours ago. Additionally, the whale accumulated 47.4M $JASMY ($1.54M) a day ago.
2/ Whale “0xb1a” spent 3.72M $USDC to buy 200.4B $PEPE ~30 mins ago. However, this whale used to lose… pic.twitter.com/aTyZPl8Qqp
— Spot On Chain (@spotonchain) January 13, 2025
Technical Analysis Points to Critical Support Level
The PEPE/USDT price chart reveals a well-defined support zone has emerged, consistently providing a foundation for price rebounds. This critical level has been tested multiple times, with each touch point generating notable buyer response.
The first test of this support level proved particularly significant, producing a pronounced price rejection visible through a long bottom wick on the daily candle. This pattern typically indicates aggressive buying pressure stepping in to defend the support level.
While subsequent retests have shown somewhat diminished volatility, the support zone has remained resilient.
Potential Reversal Scenario
As PEPE’s price currently hovers near this historically significant support level, market participants are closely watching for signs of another potential bounce. The confluence of whale accumulation and technical support suggests a possible reversal scenario might be forming.
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The combination of whale accumulation and technical analysis presents an interesting setup for PEPE. Whether this confluence of factors will trigger another meaningful bounce remains to be seen, but the market appears to be at a critical juncture that warrants close attention.
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