TLDR
- 23.02 trillion PEPE was accumulated by top 100 wallets over four months.
- PEPE has faced six weeks of price decline since October 2025.
- Whale activity suggests smart money is positioning for a potential rebound.
- Meme coin market share remains low amid tightening global liquidity.
Pepe (PEPE), a major meme coin on Ethereum, has been on a six-week price downturn. However, top whale wallets are accumulating large amounts of PEPE, leading to cautious optimism about a potential recovery. Data shows that some of the largest wallets in the crypto market have quietly added over 23 trillion PEPE during this bearish period.
Whales Increase PEPE Holdings During Market Weakness
Pepe (PEPE), a leading meme coin built on Ethereum, has experienced a prolonged six-week decline in price. Despite the downturn, on-chain data from Santiment reveals that some of the top whale wallets have steadily accumulated large amounts of PEPE.
Over the past four months, around 23.02 trillion PEPE has been added to the wallets of the top 100 holders. This activity follows a wider market sell-off in October 2025, during which retail sentiment turned bearish. However, these wallets, often referred to as “smart money,” have steadily increased their exposure to the asset.
🐸 Pepe has dropped approximately -73% of its market cap since topping out just under 9 months ago. However, beginning 4 months ago during the market-wide October crash, the top 100 wallets have reversed course and have accumulated 23.02T $PEPE during this time.
🧠 Smart money… pic.twitter.com/PSRvhuMaB1
— Santiment (@santimentfeed) February 10, 2026
Santiment stated, “Smart money wallets play a huge part in altcoins eventually reversing course and going on major runs.”
Analysts Monitor Recovery Potential Amid Weak Sentiment
Some analysts expect that PEPE may soon reach a local bottom before recovering, though they remain cautious. Market conditions remain uncertain, and general interest in meme coins has declined.
James Wynn, a well-known trader on Hyperliquid, had previously forecasted that PEPE’s market cap could reach $69 billion by 2026. His comments were followed by a short rally, but he later confirmed he had sold all his PEPE positions.
Looking to take a trade into $PEPE
Structure indicates a change in trend after taking out its All time Low, followed by a strong rejection forming liquidity.
We would play safe as we patiently wait for the market to take out a bunch of stop losses at its current low, before… pic.twitter.com/FXDDLbToLg
— Defi Priest (@0xBispo) February 10, 2026
Despite his exit, whale accumulation continued. This suggests that certain investors believe PEPE may still perform well if broader crypto market conditions improve.
Liquidity Concerns May Limit Short-Term Upside
Analyst Benjamin Cowen warned that meme coins could face heavy pressure due to tightening liquidity. He noted that under such financial conditions, meme coins are likely to lose value faster than other assets.
Data shows that meme coin dominance—the share of meme coins in the total altcoin market cap—remains low. This indicates limited investor confidence in this sector. A rise in this ratio would suggest a healthier market for meme coins, including PEPE.
Liquidity conditions have remained tight in recent months due to macroeconomic factors. These pressures may limit how much new capital enters high-risk assets like meme coins.
