In the realm of mainstream memecoins this week, Pepe [PEPE] has emerged as the more lucrative option for those seeking to maximize profits. It has surpassed Dogecoin [DOGE] and Shiba Inu [SHIB] in terms of weekly gains.
Data from CoinMarketCap indicates that currently, PEPE has recorded a 6.69% increase in value over the past 24 hours and a 13.88% gain for the week.
In contrast, Dogecoin saw a mere 2.06% uptick in the same timeframe with a weekly gain of 2.1%. Meanwhile, Shiba Inu experienced a 1.48% surge in the last 24 hours and a 6.87% increase over the past seven days.
At present, PEPE is trading at $0.0000083. Despite not being in an overbought state at this price level, indications of a building momentum are evident.
PEPE has the potential to rally by a further 16% before encountering the next significant resistance level.
The current surge in PEPE appears to signal a recovery rally following the downward trend observed since late May.
So why is PEPE outshining its larger competitors? Unlike Shiba Inu and Dogecoin, which were part of the previous 2021 bull run, PEPE made its entry into the market just last year, leaving its full potential yet unexplored.
Key Whales behind PEPE’s Recent Surge
The above distinction possibly positions PEPE favorably in terms of attractiveness. However, another noteworthy aspect highlights its recent performance.
Analysis of its historical concentration data uncovered substantial accumulation by whales.
As of September 10, whales held 199.7 trillion PEPE coins, a figure that has since surged to 205.19 trillion PEPE within a span of ten days.
While retail and investor groups have not made significant alterations to their holdings thus far, the flows of large holders have seen a notable increase.
Between September 18 and September 19, inflows to large holders of PEPE surged from 1.92 trillion tokens to 6.2 trillion tokens, indicating a confirmed accumulation by whales.
Nevertheless, there were instances of profit-taking as evidenced by rising outflows from large holders.
On September 18, outflows from Pepe’s large holders escalated from 2.15 trillion tokens to 5.82 trillion tokens, suggesting an increase in selling pressure from whales.
Despite this, the overall flow favored the bulls.
The attractiveness of PEPE to whales could potentially drive up its price; however, this scenario hinges on the reduction of selling pressure from whales and its ability to attract more interest from investors and retail participants.