PEPE's single-day Whale Holdings net inflow rise of 54% may indicate a local bottoming.

Gate News bot message, in the past three days, PEPE has fluctuated between 0.0000106 USD and 0.000011 USD. Such a level of fluctuation is usually not common for meme coins.

IntoTheBlock data shows that the recent PEPE price fluctuation occurred after a 54% increase in net inflow from large holders. Whale holdings increased from 81 billion to 125 billion, indicating that this group purchased 44 billion PEPE within 24 hours. However, as shown in the figure below, these net inflows have not yet reached the weekly peak, suggesting that some whales are still hesitant.

( Image source: IntoTheBlock )

At the same time, the number of tokens flowing into whale addresses increased from 1.2 trillion to 1.92 trillion. The inflow indicates that the number of tokens added to wallets by large addresses exceeds the number of tokens they sent to exchanges, which may be beneficial for coin prices.

Additionally, the whales on HyperLiquid seem to be establishing long positions for PEPE, betting on a price increase. According to data from Coinglass, over the past two days, two whales have established long positions of more than 3 million dollars on PEPE.

PEPE has fallen 30% since its peak of 0.000016 USD on May 23, leading many holders to incur losses. On-chain data shows that 38% of PEPE holders are in a loss position, with the proportion of profitable addresses dropping to its lowest level in a month.

This situation may be unfavorable for retail investors, who might hesitate to buy due to panic. However, as whales continue to accumulate despite significant losses, this could indicate a local bottom being formed and potentially signal an upcoming rise.

Source: CoinGape