Investors expect PEPE’s price to benefit from the anticipated investment inflows into the ecosystem once the Ethereum ETFs are launched, given its status as the second-largest memecoin on Ethereum.
Between July 8 and July 11, PEPE’s price stabilized from $0.0000090 to $0.0000096. Currently, the token is trading at $0.0000093, reflecting a 1.33% increase. On-chain data from IntoTheBlock indicates a rise in whale transactions, reaching $135.7 million as of July 11.
The increased whale activity may be due to the anticipation of the launch of Ethereum ETFs. As the second-largest memecoin on Ethereum, PEPE’s price will likely benefit from the expected investment inflows into the ecosystem once the ETFs are launched.
Whale Transactions and Market Signals
Following a market sell-off last week that pushed PEPE to a 100-day low of $0.0000076 on July 5, bulls have instigated a quick rebound. Whale investors appear to be taking advantage of the current price stagnation to accumulate more PEPE tokens.
The rise in whale transactions during this consolidation period suggests that large investors are capitalizing on the price dip to increase their holdings. This surge in market liquidity from whale activity also allows smaller investors to exit their positions without causing significant price volatility.
Data from IntoTheBlock reveals that 69% of PEPE addresses remain profitable, while 23% are holding at a loss and 8% bought at prices close to the current trading level. This indicates that most PEPE holders are still in a good position despite recent market fluctuations.
The Relative Strength Index (RSI) is currently at 41.04, nearing the neutral zone. This indicates that PEPE is in a balanced state, not significantly overbought or oversold, which provides an opportunity for upward movement with a lower immediate risk of a correction. If the RSI surpasses 50, it would indicate stronger bullish momentum and could drive the price toward the next resistance level.
Additionally, the recent buzz around Ethereum ETFs and the subsequent rise in whale transactions underline broader market sentiment. Investors are hopeful that the launch of these ETFs will bring more liquidity and stability to the Ethereum network, indirectly benefiting PEPE. As a result, market watchers are keeping an eye on PEPE’s performance, anticipating further price movements in response to these developments.
