- Justin Sun-linked wallets hold nearly 3% of PEPE supply, boosting sentiment.
- Positive funding rates and long dominance signal growing bullish trader confidence.
- Technical indicators suggest PEPE could target resistance at $0.00000521.
PEPE has returned to the spotlight after a strong week of gains. The popular meme coin has climbed more than 15%, attracting fresh attention from traders and investors. Growing whale activity has added fuel to market optimism. Recent reports linking major PEPE holdings to Justin Sun have sparked discussions across crypto circles. Combined with stronger derivatives data and rising social engagement, current conditions suggest buyers still hold the upper hand.
Justin Sun-Linked Wallets Add to Bullish Sentiment
Fresh data from Arkham Intelligence identified TRON founder Justin Sun as the largest individual PEPE holder. Confirmed and predicted wallet addresses connected to Sun reportedly control nearly 3% of the token supply. Those holdings carry an estimated value of more than $51 million. Most accumulation occurred during the past ten days. Large inflows appear responsible for the growing position. Such activity often attracts attention from retail traders. Market participants usually monitor high-profile investors for clues about future price direction.
Social activity also supports a positive outlook. Data from Santiment shows a sharp rise in PEPE’s Social Dominance metric. The indicator reached 1.209% on Wednesday. That marks the highest reading since mid-April. Higher social dominance suggests more conversations around PEPE across cryptocurrency media platforms. Growing visibility often leads to stronger engagement from investors. Increased attention can also support trading volume and market momentum.
Derivatives markets reveal a similar trend. CoinGlass funding rates moved into positive territory on Tuesday. The funding rate reached 0.013% on Wednesday. Positive rates show long traders paying short traders. Such conditions generally reflect confidence in higher prices. Another encouraging signal comes from the long-to-short ratio. The current reading stands at 1.06. Values above one indicate bullish positioning. More traders are therefore placing bets on further upside.
Technical Indicators Point Toward More Upside
PEPE continues to trade above $0.00000494 after a strong weekly advance. Buyers have maintained control despite recent volatility across the broader cryptocurrency market. If momentum remains intact, the next major resistance level sits near $0.00000521. A successful move above that area could strengthen bullish conviction further.
Technical indicators continue to favor buyers. The Relative Strength Index currently sits at 64 and keeps moving higher. The indicator remains below the overbought level of 70. That leaves room for additional gains before bullish conditions become stretched. The Moving Average Convergence Divergence indicator also supports the positive case.
A bullish crossover emerged last week and remains active. Rising green histogram bars suggest buying pressure continues to build. PEPE now stands at an important stage. Whale accumulation, rising social interest, and improving derivatives data have created a favorable backdrop. As long as momentum stays strong, bulls may continue pushing prices toward higher resistance levels in the days ahead.
