PEPE’s 7-Day Bull Run Put on Hold, Explained by On-Chain Data

How do on-chain data essentials help explain the pause in PEPE coin’s 25% weekly run?

Pepe not happy sitting in his dingy room pilled with water.
Created by Kornelija Poderskytė from DailyCoin
  • PEPE faces a 6.9% drawback on Wednesday as Bitcoin (BTC) sinks to $62K.
  • Several key indicators show that PEPE’s 25% rally is coming to a halt.
  • Demand for PEPE in the Derivatives wanes with $1.10M in liquidated longs.

Pepe’s marvelous 25% bull rally over the past seven days is likely coming to a halt, judging by several on-chain metrics. While the crypto community was excited three days ago over a massive Binance whale cash out of 1.23 trillion PEPE tokens, the same whale shuffled this amount back to the exchange yesterday.


Another crypto whale shuffled a colossal 1,241,850,000,000 PEPE tokens from Binance to an untagged wallet on-chain. Worth $10.5 million at the time, the receiving end of this hefty transaction has been confirmed to have kept the PEPE tokens. DailyCoin’s investigation team discovered that PEPE is the second largest token in the whale’s wallet, only falling behind Ether (ETH).

This hints at indecision among the largest PEPE token holders, which became uncertain among crypto enthusiasts. Over the past 24 hours, PEPE slipped by 6.9%, but the combined Spot market liquidity books don’t give the bears an edge just yet—the latest bids and sales are almost evenly balanced at $37M in buys and $38M in sales.

PEPE Takes a Hit on Derivatives Markets

Since last month, the hype surrounding PEPE has been closely tied to Coinbase’s listing of the token on its Coinbase International platform. The move to include a 1,000 times multiplied PEPE Futures contract was unexpected due to Coinbase CEO Brian Armstrong’s previous unfavorable statements regarding PEPE.

Meanwhile, the high-rolling crypto enthusiasts partaking in PEPE Futures trades have lost steam on Coinbase, as the latest 24-hour volume for PEPE futures trades has plunged by 63% to $164.8K. Real-time on-chain data by CoinGlass indicated similar daily drops for PEPE Futures trades on Binance and Bybit, resulting in a 39.33% overall trading volume drop on Crypto Derivatives.

Pepe derivatives data.

As of press time, PEPE is exchanging hands at $0.000007848, sliding down from the weekly heights of $0.000009046. With $1.10 million in daily liquidated long positions on PEPE Derivatives, the long versus short ratio remains slightly on the bearish side at 0.912. The negative Chaikin Money Flow (CMF) index at -0.12 affirms today’s PEPE drawdown.


While the current PEPE price range is still considerably higher than PEPE’s monthly bottom at $0.00000447, hit on April 14, 2024, PEPE’s forthcoming price trajectory could go either way due to a neutral Relative Strength Index (RSI) and ultra-wide Bollinger Bands. The RSI’s point of 55 confirms the indecision among large crypto investors while widening Bollinger Bands hint at likely price fluctuations.

On the Flipside

  • Despite several bearish on-chain indicators, PEPE’s holder base has grown exponentially.
  • Both active PEPE wallets and new PEPE wallets soared by 44% since last week, according to IntoTheBlock.

Why This Matters

PEPE is among the top performers in the alternative crypto markets, yielding a 241% return in yearly terms.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.