The price of Pepe is rising against the backdrop of increased accumulation by whales amid the ETH surge.

The price of Pepe continued its recovery this week, rising for four consecutive days amid accumulation by whales and the recovery of Ethereum.

The price of Pepe Coin has recovered for the last four consecutive days.
Data shows that whales and smart money are accumulating assets.
The technical indicators suggest further growth in the near future.

Whales are buying Pepe tokens

The Pepe token (PEPE) rose to $0.000012 on Saturday, August 9, reaching its highest level since July 28 and up 135% from this year's low.

Nansen's data shows that whales continued to buy during the recent dip, and their assets have risen to the highest level in over a year.

Whales hold over 8.95 trillion tokens, which is 12% more compared to last month. Their assets have increased by 30% over the last 12 months, indicating that they expect further growth.
Smart money investors have also increased their holdings in Pepe. They now own 643 billion tokens, which is significantly more compared to 258 billion in May of this year. Smart money investors are known for their ability to make profitable trades.

Additional data shows that the demand for Pepe is growing in the futures market. Open interest in futures has risen for the past seven consecutive days, reaching a peak of 720 million $, which is the highest level this month.

The growing open interest coincided with a prolonged period of positive funding rates. A positive funding rate is a sign that market participants expect the future price to be higher than the spot price.

A potential catalyst for Pepe is that the price of Ethereum (ETH) has sharply increased and is approaching its all-time high. ETH surged to $4,100 amid rising demand from American investors.

Meme coins in the chain usually grow when the main token experiences a rise. For example, tokens like Dogwifhat (WIF) and Bonk (BONK) often rise when the price of Solana increases.
Technical analysis of Pepe price
The daily timeframe chart shows that the price of Pepe Coin has been in a strong uptrend over the past few months. It has risen from a low of $0.000005078 to $0.00001200.

Pepe remains above the ascending trend line that connects the lowest fluctuations since March of this year. An ascending triangle pattern has also formed, which often leads to a strong breakout.

Pepe has risen above the Fibonacci retracement level of 23.6% and the 50-day moving average. Therefore, it is likely to continue rising as bulls target the 38.2% retracement level at $0.000014, and then the year-to-date high of $0.00001625.