PEPE Price Surges 5% Amid Whale Accumulation and Rate-Cut Expectations
Memecoin PEPE has increased over 5% in the last 24 hours, breaking above a recent resistance level due to high trading volume.
- The upward trend is marked by higher lows, indicating sustained buying interest.
- Each price increase was accompanied by volume spikes, suggesting accumulation by larger investors.
- However, trading volume for PEPE derivatives has dropped 73% since mid-July.
- In the past 30 days, the top 100 Ethereum addresses increased their PEPE holdings by 2.36%, while exchange reserves fell by 2.4%.
- The price surge aligns with a broader rally in risk assets amid expectations of a potential 25 bps cut in interest rates by the Federal Reserve in September.
- The CME FedWatch tool indicates a 93% chance of this rate cut, while Polymarket traders estimate a 79% probability.