Pepe whale accumulation increases, long-term holders decline

Pepe, a token inspired by the 2000s meme “Pepe the Frog,” is seeing a notable shift in whale activity and holder composition.

According to data provided by IntoTheBlock, the Pepe ($PEPE) large holder net flows shifted from a net outflow of 534 billion $PEPE to a net inflow of 580 billion on Tuesday, Dec. 3.

$PEPE whale net flow | Source: IntoTheBlock

This momentum from Pepe investors could trigger FOMO (fear of missing out) among retail holders.

An anonymous Pepe whale has accumulated and withdrawn over 337 billion $PEPE tokens from Binance, the largest crypto exchange by trading volume, over the last 20 days, according to Lookonchain’s X post early Wednesday.

These tokens are now worth roughly $7 million.

One of the largest spikes in the Pepe whale net inflow happened on Nov. 14 as large holders accumulated 4.7 trillion $PEPE coins as its price reached $0.000023, per data from ITB. The price of the meme coin has been consolidating below that mark since then.

On the other hand, midterm and long-term $PEPE holders have been declining over the last month. Addresses holding the meme coin for over a year fell from 91,200 on Nov. 11 to 89,000 on Dec. 3, per ITB data.

Cruisers, holding $PEPE between one and 12 months, plunged from 200,000 on Nov. 8 to roughly 89,000 yesterday. However, $PEPE traders, with a keeping time of less than a month, increased by 262% over the last 30 days, reaching 72,000 unique addresses.

Pepe has been consolidating close to $0.000020 over the past day with a market cap of $8.69 billion. Its 24-hour trading volume declined by 1% to $3.48 billion.

At this point, $PEPE’s bullish momentum is very likely to face a blockage from short-term traders unless another wave of strong whale accumulation surfaces. This puts the meme coin in a highly volatile zone.