PEPE’s price could benefit from the optimism its holders are exhibiting. Large wallet holders are rigorously accumulating after a long period of selling. The supply held by top non-exchange addresses shot up by 2 trillion PEPE.

This supply worth more than $25 million was accumulated by the non-exchange top addresses in a week. The changing behavior is in line with the price action, which shows that the whales are dictating price action.

If this behavior continues, PEPE price could benefit from this.

PEPE Top Holders Holdings. Source: Santiment

Secondly, the investors are motivated to remain bullish since nearly 30 trillion PEPE is on the verge of becoming profitable. According to the Global In/Out of the Money (GIOM) indicator, 30 trillion PEPE was bought between $0.00001300 and $0.00001800.

Given that the meme coin’s all-time high is $0.00001725, PEPE would need to establish a new ATH to turn all the $377 million worth of supply profitable. This would require considerable bullishness from the investors.

PEPE GIOM. Source: Into TheBlock

Their optimism will keep the price rising.

PEPE Price Prediction: Watch Out for This Level

PEPE price trading at $0.00001525 bounced back from the support at $0.00001369 after charting a multi-day drawdown. This was right after the meme coin marked the ATH and is now shifting gears into bullish mode to establish a new all-time high.

This would require PEPE to breach $0.00001725 and flip it into a support floor.

PEPE Price Analysis. Source: TradingView

Failure to do so would kill the chances of a new ATH and PEPE price, and as a result, it could fall back down to $0.00001369. Losing this support would invalidate the bullish thesis completely, sending the meme coin to $0.00001200.

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