Pepe PEPE/USD is in a consolidation period, but traders remain optimistic given increasing retail demand and transaction volumes.
What Happened: Revolut, the U.K.'s leading finance and crypto app, has seen a significant shift in its customers’ cryptocurrency holdings, with Pepe now surpassing Ethereum ETH/USD in terms of total holdings.
The data shared by cryptocurrency trader degenharambe, citing the company’s wallet, reveals that PEPE holdings of Revolut customers have increased by 309%, a 1,700% increase in dollar value since the beginning of the year (2.73 trillion PEPE coins worth $3.55 million) until now (8.46 million PEPE coins worth $61 million).
Shiba Inu SHIB/USD holdings among Revolut customers have grown more modestly, from 1.52 trillion coins worth $15 million to 1.87 trillion coins worth $45.2 million, representing a 23% increase in tokens and a 300% increase in dollar value.
The trader writes, "If just 2.5% of their customers hold Pepe, that could be another 1M unique holders," highlighting Pepe's retail adoption and rising interest in the meme coin ahead of other established cryptocurrencies.
Price Action: At the time of writing, PEPE is down 1.3% on the day, trading at $0.000006845 on an 31.3% increase in trading volumes to $771.95 million.
Also Read: Pepe Up 42% On The Week: ‘Don’t Buy Dogs, Cats…Buy Real Memes’ Says Crypto Trader
Why It Matters: IntoTheBlock data shows an 11.2% increase in large transaction volume for Pepe, reaching 66.4 million, while holders’ balances saw a notable 2.8% increase to 229.9 million. Transactions greater than $100,000 grew from 165 on April 28 to 187 on April 29, indicating growing interest from larger investors.
Despite a 15.5% drop in Pepe’s price over the past month, 71% of Pepe holders are still in profit at the current price levels. This suggests a strong base of support for the meme coin, even amid short-term price fluctuations.
Crypto trader NFTDavie, in his latest tweet, points out that the recent choppy price action in Pepe is starting to resemble a mini bull flag pattern. He believes that the meme coin is “channeling its energy for the next explosive move up,” hinting at a potential breakout in the near future.
Another well-known trader, Cold Blooded Shiller, analyzes Pepe’s technical chart and notes that the coin is consolidating above a former significant level. He maintains a bullish outlook on Pepe and considers the opportunity to take a shot “worth it” if the meme coin begins to break out from its current consolidation phase.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
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