Whales Accumulate 23 Trillion PEPE Amid Six-Week Decline

Pepe (PEPE), a large-cap meme coin on Ethereum, has entered its sixth consecutive week of decline, yet on-chain data shows smart money is still accumulating. Santiment’s data indicates the top 100 largest wallets gathered roughly 23.02 trillion PEPE over the past four months following the broader market sell-off in October.

Last month, James Wynn, a well-known trader on Hyperliquid with large PEPE long positions, predicted PEPE’s market capitalization could reach $69 billion by 2026. Two weeks later he confirmed he had closed all positions and sold his entire PEPE holdings. Santiment said large wallets often play a decisive role in reversing altcoin trends and triggering strong price rallies, noting retail sentiment toward Pepe and meme coins is very bearish at the moment but that coins with heavy accumulation will likely have another breakout once Bitcoin can see sustained bullish momentum.

Analysts expect PEPE’s price to rebound in the near term but caution a new local bottom could form before any sustained recovery.

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