Why Are Bulls Accumulating Pepe Coin? The 2024 Trend You Need to Know

So you’ve seen that Pepe Coin’s popularity has been growing since early 2024, and especially since the start of November (or if you haven’t, trust us, it has), but what’s driving this trend? Bulls have been actively accumulating the coin, with significant transactions by large holders, known as whales, making notable purchases of billions of tokens valued at millions of dollars.

This accumulation activity has coincided with a remarkable price surge of over 34,000% since its launch in April 2023. Pepe has even made it to the top 20 coins by coin market cap, sitting at number 20 at the time of writing. Let’s explore what’s behind this investor confidence and whether it will sustain its growth momentum in the highly speculative meme coin market.

What is Pepe Coin?

Pepe Coin is an Ethereum-based, deflationary meme cryptocurrency inspired by the “Pepe the Frog” internet meme and is widely regarded as one of the best meme coins. Since its launch in April 2023, it has seen remarkable growth, surging over 34,000% in price from $0.000000065 to approximately $0.00002. This significant price increase reflects the coin’s potential for high returns, with a year-to-date growth of around 1,750%.

As the third-largest meme coin by market cap (behind only Dogecoin and Shiba Inu), Pepe Coin boasts substantial market interest and activity, with a daily trading volume of over $2.5 billion. This level of engagement shows a strong and active community driving the coin’s development and growth.

The community-driven nature of Pepe Coin is commonplace in the broader trend of meme coins gaining traction in the cryptocurrency market. Pepe Coin’s success can be attributed to its unique appeal and the support of its investors.

The coin’s ongoing accumulation by large holders and the general public has stimulated interest and engagement in the market. As a result, Pepe Coin continues to attract new investors and maintain its position as one of the leading meme cryptocurrencies.

Accumulation trend in Pepe Coin

Behind the recent surge in investor confidence is a notable accumulation trend in the market for Pepe Coin, particularly among large investors. Since early 2024, whales have been actively accumulating PEPE tokens.

For instance, considerable transactions such as the acquisition of 105.33 billion PEPE tokens valued at $2.06 million and 835.6 billion PEPE tokens for $7.94 million show a substantial interest from high-net-worth individuals.

There has been a number PEPE transactions worth over $1 million in just the past couple weeks hours (Source: Nansen)

These accumulation trends have considerably impacted Pepe Coin’s price. Large acquisitions often lead to surges in price and market engagement, which is exactly what we’ve been seeing with Pepe Coin.

Despite broader market volatility, strategic investments by large holders anticipate future price appreciation. The influx of capital from these investors has stimulated interest and engagement in the market, which further supports bullish sentiment surrounding Pepe Coin.

Market sentiment turns positive

As the accumulation trend in Pepe Coin continues to build momentum, market sentiment is turning increasingly positive. Of course, this is true for the overall crypto market as well, with the bull market rearing its head once again, but it has been particularly true for Pepe Coin.

We’ve been witnessing a surge in community engagement and interest in meme coins, particularly Pepe, since early 2024. The price action of Pepe Coin prompted many investors to take notice and contribute to its growing popularity.

This impressive growth hasn’t only attracted more investors but also led to significant whale purchases earlier in the year, indicating potential confidence in Pepe’s future performance.

Positive technical indicators, including a golden cross in moving averages, signal potential upward momentum for Pepe, further bolstering overall market sentiment.

Recent price movements and trends

The recent surge in Pepe Coin's trading activity is painting a bullish picture, driven by a substantial influx of capital from large investors. 

In recent weeks, Pepe’s trading volume has been increasing, although we did see a short-term price pullback from $0.000022 to $0.000018. Despite this fluctuation, on-chain indicators suggest a potential bullish phase, with whales continuing to accumulate significant amounts of Pepe tokens. In fact, the price is already recovering, currently standing at $0.0000197. 

Technical analyses identify key support levels around $0.000018 and $0.00001578. If buying pressure from whales persists, it could pave the way for a bullish recovery.

Looking forward, price predictions are generally optimistic, with some forecasts suggesting a further increase by the end of 2024. 

Why are bulls accumulating Pepe Coin?

So what’s behind the bulls’ decision to accumulate Pepe Coin?

It boils down to the potential for price growth. This is fueled by community hype and the momentum surrounding meme coins. Of course, none of this would matter without the overall bullish sentiment surrounding the crypto market.

With institutional and whale interest intensifying, you can see why large investors are making significant purchases, betting on Pepe Coin’s future price appreciation.

Potential for price growth

Accumulating massive amounts of Pepe Coin, large investors are displaying unwavering confidence in the token’s future potential. This is evident in some of the recent transactions, like the 105.33 billion tokens purchase for $2.07 million, a significant vote of trust in the coin’s future performance.

The golden cross pattern observed by analysts historically signals impending price rallies. Does this guarantee it will happen again? Well, nothing is guaranteed. But it does make it more likely.

With a year-to-date growth of 1,750%, the expectation is that Pepe Coin will continue to appreciate, if for no other reason than momentum. Predicted price targets approach $0.0003.

The recent market capitalization peak of over $10 billion before a correction showcases Pepe’s strong position in the meme coin sector and hints at additional growth.

Community and hype

Meme coins are well known for being very dependent on community, hype, and overall narrative, and Pepe is no exception.

Behind the recent surge in Pepe Coin's price lies a strong community driven by hype and engagement. It’s a vibrant ecosystem where social media buzz and community involvement have markedly fueled the bullish sentiment.

It’s clear from the staggering 34,000% price surge that investors are drawn to the excitement surrounding Pepe Coin, and who could blame them. The meme coin's unique community-driven development approach resonates strongly with investors who seek high returns from decentralized projects.

Memecoin momentum

Let’s take a look at everything that the momentum behind Pepe Coin has going for it:

• Significant accumulation by investors  indicates growing confidence in Pepe Coin’s growth potential.
• Pepe Coin’s community-driven development has fostered strong investor interest. This community engagement is an essential factor in the coin’s ongoing success.
• Despite recent market volatility, optimistic price predictions suggest that sustained buying pressure could lead Pepe to potentially exceed previous all-time highs if bullish momentum continues.
• The whole crypto market is entering its bullish stage, and this is likely to have a positive price impact on virtually all of the crypto market, Pepe included.

Impact of large holder activity

Fresh capital influx from large holders has greatly buoyed Pepe Coin. But, okay, so some whales have been buying Pepe, why is that a big deal?

It’s because this accumulation trend typically results in more buying pressure. Simply put, when people are buying a coin, they’re more likely to continue buying that coin. The reverse is also true.

Here are the key points that show the impact of large holder activity on Pepe Coin:

• Whale activity often leads to increased buying pressure, which can drive prices upward. 
• On-chain tracking shows that whale purchases occurred after the creation of new wallets. This suggests fresh capital is being infused into the Pepe market.

This trend is expected to continue, as the market confidence grows with increasing whale activity.

Potential for future growth

Considering the accumulation of Pepe Coin by large holders and the resulting bullish sentiment, potential for future growth appears to be substantial.

Let’s take a look at some of the main indicators for future growth:

• Sustained Market Cap: The overall market cap for Pepe Coin has remained high, fluctuating around $8 billion. This signifies sustained investor interest and support for its price.
• Technical Signals: Technical indicators like the golden cross formed by moving averages suggest potential upward momentum, providing bullish signals for future growth in Pepe Coin’s valuation.
  Price Predictions: With a price prediction estimating potential growth targets near $0.00030, historical price movements and current market behaviors suggest favorable conditions for continued accumulation and expansion
• Overall Bullish Sentiment: Yes, we know, we already mentioned this, but this is a huge factor, and it amplifies the potential for Pepe’s future growth. It’s extremely difficult for a coin to do well in a bear market, which is why it’s so important that the bulls are coming back.

Risks and speculation around Pepe Coin

Pepe Coin’s recent surge, driven by substantial investor accumulation, also carries inherent risks that investors need to be aware of. If you’re considering entering or staying in the market, you need to acknowledge these risks and how they might impact your investments.

• Crypto is inherently risky, and meme coins are more risky, even by crypto standards. Nothing is 100% guaranteed. Yes, so far, the sentiment seems positive, but that still doesn’t mean you need to bet your family farm on it.
• You need to be cautious about the risk of overbought conditions. This suggests that a potential price correction could occur as trader sentiment shifts. Even if the correction is temporary, being leveraged could wipe you out.
• Increased speculative activity across the cryptocurrency market may increase the volatility around Pepe Coin, which might affect both investor confidence and price movements.
• Large accumulations by whales may serve as a confidence booster but also add layers of risk because it means a handful of investors can have a noticeable influence on price.

Given these factors, it’s important to be cautious. Monitor price movements and investor behavior closely, since your funds depend on it.

The bottom line

You’ve seen how Pepe Coin, an Ethereum-based deflationary meme coin inspired by Pepe the Frog, has garnered significant investor attention since its launch in April 2023. With a price surge of over 34,000%, bulls have been actively accumulating Pepe Coin since early 2024, which reflects strong confidence in its growth potential. 

Still, always remain vigilant and stay aware of the risks. Meme coins can be particularly volatile and risky, and Pepe Coin is no exception.

While Pepe is on a significant upward trend, it can only go so far. See our article detailing why Pepe Coin reaching $1 or even 1 cent is virtually impossible.