Date: Wed, March 12, 2025 | 05:14 AM GMT
The cryptocurrency market continues to face strong bearish pressure, extending a correction phase that began after the rallies of late 2024. Ethereum (ETH) has plunged from its December high of $4,000 to its current level of $1,870, putting significant strain on altcoins and memecoins across the board.
Among those feeling the heat is Ethereum-based top memecoin Pepe (PEPE), which has declined sharply by over 74% in the last 90 days. However, with recent whale accumulation and a slight market recovery, PEPE has surged by 7% in the past 24 hours, hinting at a potential bullish reversal.
Whale Accumulation Signals Confidence
As retail investors panic over PEPE’s price drop, whales are taking a different approach. According to Lookonchain data, three major wallets have accumulated a total of 689.79 billion $PEPE (worth $4.3 million) in the past 11 hours.
- Wallet 0x7A7D spent 1,413.4 ETH ($2.72M) to buy 437.7B PEPE.
- Wallet 0x9212 spent $1M to buy 158.58B PEPE.
- Wallet 0x7779 spent 299 ETH ($574K) to buy 93.51B PEPE.
Interestingly, the funds for these purchases originated from Tornado Cash, hinting at strategic, anonymous whale accumulation. Historically, when whales begin accumulating at depressed price levels, it signals confidence in an impending price rebound as demand starts to outpace supply.
Oversold RSI Points to a Potential Reversal
The Relative Strength Index (RSI) on the daily timeframe has fallen deep into the oversold territory, currently sitting below 30. This suggests that PEPE is undervalued and due for a corrective bounce.
According to the chart analysis from @ChandlerCharts, PEPE has been moving in a structured accumulation cycle, characterized by Stage 1 and Stage 2 consolidations before significant breakouts. If this pattern holds true, a successful bounce from current levels could lead to a rally toward key resistance areas, potentially initiating Stage 3 of the cycle.
Final Thoughts
PEPE’s recent price action, combined with strong whale accumulation and an oversold RSI, suggests that a bullish reversal could be on the horizon. While market conditions remain uncertain, memecoins have historically displayed explosive recoveries when accumulation phases conclude.
As always, investors should stay informed and exercise caution in volatile markets.
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