Pepe (PEPE) has surged over 30% in the past week, crossing the $0.000012 threshold, fueled by significant whale activity and technical indicators signaling further upside. Blockchain data reveals wallet address 0x06b3 accumulated $2.68 million worth of PEPE (227.8 billion tokens) in rapid-fire purchases, demonstrating aggressive positioning rather than passive holding.
Technically, PEPE broke out from a month-long falling wedge pattern on the 4-hour chart, with trading volume spiking 15% to $2.29 billion in 24 hours – making it the fifth-most traded cryptocurrency excluding stablecoins. Key metrics support bullish momentum: the OI-weighted funding rate flipped positive on July 7, indicating leveraged traders are paying to maintain long positions, while exchange netflows showed $9.8 million in PEPE withdrawals over 48 hours, reducing immediate sell pressure.
Traders are heavily positioned for continuation, with $2.61 million in leveraged long bets concentrated at $0.00001246. The breakout sets a near-term target of $0.00001512, aligning with early June resistance levels, while sustained momentum could push PEPE toward $0.000016 – a 22% upside from current levels. Critical watchpoints include whale accumulation patterns and funding rate stability to avoid overheating.