PEPE, the popular memecoin, has experienced a significant 17% surge in the past 24 hours, outperforming many altcoins. This impressive rally is attributed to a confluence of factors: Bitcoin reaching a new all-time high of $116,000 on July 10, a crucial technical breakout for PEPE, and aggressive accumulation by large investors, known as "whales."
Bitcoin's climb to its highest level since mid-May has rekindled speculative interest across the crypto market. As traders reallocated capital into higher-beta assets, memecoins like PEPE and Dogecoin witnessed substantial gains, with PEPE leading at 17% and Dogecoin following with a 6.7% rise. The broader cryptocurrency market capitalization increased by 6.23%, while derivatives trading volume surged by an astounding 87%, according to CoinMarketCap. Historically, memecoins have demonstrated a strong correlation with Bitcoin-led rallies, a dynamic reinforced by PEPE's latest move, reflecting heightened risk appetite and speculative inflows.
PEPE's technical chart structure turned decisively bullish on July 10, as its price successfully broke out of a falling wedge pattern after weeks of sideways consolidation. This breakout typically signals a bullish reversal and is supported by key technical indicators:
On-chain data from Santiment reveals that large holders, or "whales," have been aggressively accumulating PEPE. Between June 29 and July 9, these whales acquired over 9 trillion PEPE tokens, valued at more than $90 million. This substantial accumulation led to a 2.9% reduction in the token's supply on exchanges, effectively tightening the available float and creating significant buy-side pressure.
Currently, the top 10 PEPE holders collectively control 37.5% of the total supply, a concentration that can exert considerable influence on price action. Furthermore, open interest in PEPE futures climbed by 24.9% in 24 hours, indicating a sharp increase in leveraged bullish positions in the derivatives market.
Despite the 7-period RSI hitting 79.79, which suggests short-term overbought conditions, the combination of a confirmed technical breakout, persistent whale accumulation, and strong tailwinds from Bitcoin's rally provides PEPE with a robust near-term bullish setup. Traders are now closely watching the $0.000014 level as the next potential target. However, the sustainability of this rally will heavily depend on Bitcoin maintaining its position above the $116,000 threshold without experiencing significant profit-taking pressure.
July 2025, Cryptoniteuae