Recently, I’ve been analyzing on-chain data for PEPE and found some interesting insights. The latest market data shows PEPE up by +1.41%, with a trading volume of $5.18M and a market cap of $1.44B. But what caught my attention even more is the massive whale activity behind the scenes.

According to on-chain analysis, large holders with 1 trillion to 10 trillion PEPE have been quietly accumulating, with a net inflow of about $47 million over the past 72 hours. Interestingly, this isn’t a single large buy order, but rather systematic accumulation spread across multiple exchanges and multiple time points. It doesn’t look like retail FOMO; it seems more like institutions or professional players orchestrating something.

Trading volume data also supports this view. Decentralized exchange (DEX) trading accounts for 28%, which is relatively high for a meme coin. The liquidity of PEPE/WETH on Uniswap has recently increased by 18%, reaching $87 million. Whales are positioning, and liquidity is following suit—this coordination doesn’t seem coincidental.

Comparing with other meme coins during the same period is also revealing. DOGE only rose by +0.97%, SHIB increased by +1.49%, but PEPE is showing a distinct upward momentum. This suggests that it’s not just the meme coin sector moving together, but PEPE has specific catalysts driving its rise.

On-chain indicators are also changing. The NVT ratio has dropped from 89 to 61, indicating that transaction volume growth is outpacing market cap growth. Active addresses have increased by 67% week-over-week, reaching 24,300. There has been a net withdrawal of about $23 million from exchanges, which usually indicates long-term holding. All these signals combined suggest a shift from distribution to accumulation. Whales are active, and retail investors are following.

However, risks must also be considered. The RSI has already exceeded 70, entering overbought territory. The top 100 wallets control 43% of the circulating supply, indicating high concentration. Moreover, PEPE is fundamentally a meme coin without real utility, with a valuation of $1.44 billion. The question remains: what is the value proposition justifying this valuation? No one has a clear answer yet.

Order book depth also shows vulnerability—an $8 million sell wall could cause a 15-20% drop. This asymmetric risk profile might attract short-term traders seeking momentum, but it poses challenges for risk management. Whales are buying, but if sentiment reverses, these large holders could also become the force pushing prices down.

Technically, some bullish signals are emerging, but the fundamental issues remain. Long-term holders should be prepared for potential downside volatility. Whether this whale activity marks the start of a new upward trend or is just another short-term pump remains to be seen—time will tell.