Pepe (PEPE) coin price opened on Tuesday at $0.00000109. After a 1.83% decline, the popular meme coin currently trades at $0.00000107, 20% above the June 2023 low of $0.0000008. The coin was launched in April 2023 and caught a lot of attention as it was inspired by 'Pepe the Frog' meme created by Matt Furie in his cartoon "Boy's Club."

Pepe coin surprised everyone when it reached a $1.5 billion market capitalization. In contrast, it took Dogecoin four years to hit the 10-figure sum. The meme coin touched its all-time high of $0.00000431 when it was listed on major exchanges like Bybit, Gemini, and Binance. Currently, the frog-themed crypto is trading 75.39% below that point right now.

Whales Accumulate Pepe Coin

Memecoin PEPE seems to be gaining traction once again due to its hype on X (previously known as Twitter) and other social media. Recently, a whale got 807 billion PEPE tokens by spending a massive sum of $1 million. This could be a reason behind the recent bounce in PEPE price.

However, while many whales are accumulating the digital asset, some are also getting rid of it. On 7^th August, a major holder sold 2.26 trillion pepe tokens. This was equivalent to $2.5 million. This could be the reason behind the 3.48% drop on the same day. The actions of whales often create volatility in the market, intensifying the risk of short-term trading.

Memecoin PEPE Attempts To Make A Strong Comeback

Amidst the huge whale involvement in the memecoin, LunarCrush has recently provided some key insights. There has been a significant increase in the flow of fresh capital in PEPE crypto and there is an increased interest on social media. This suggests that the memecoin might be gearing up for a comeback due to its vibrant community.

Pepe con was released as an ERC-20 token with a maximum supply of 420,690,000,000 tokens. Of its total supply, 93.1% supply was added to the liquidity pool, and the remaining 6.9% was allocated to a multi-signature wallet for future use. The project's developers have mentioned on their website Pepe has no intrinsic value, and buyers should not expect to earn some financial benefit from it.

PEPE Coin Price Prediction Avoids Bearish Outlook

The price chart for PEPE crypto shows that the price has been respecting the $0.00000106 support level since May 2023. In the past two months, most altcoins had a sideways price action as BTC prices remained stuck in a narrow range. However, memecoins like Pepe don't depend much on Bitcoin's price action and have a mind of their own.

For me, Pepe coin price prediction will remain bullish as long as it remains above the $0.00000106 level. The price dipped below this level during last week's crypto crash but had a 25% rebound. If this support level holds, I expect the bullish momentum to increase in the coming days.