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23 Trillion PEPE Scooped Up by Whales as Dip Fuels Rebound Speculation

TL;DR:

• The top 100 largest wallets have accumulated over 23 trillion PEPE tokens in the last four months, ignoring the current downtrend.
• Despite the coin marking six consecutive weeks of decline, whale behavior suggests preparation for an explosive rally.
• Santiment analysts highlight that massive accumulation by large holders is typically the primary catalyst for reversing altcoin trends.

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This Wednesday, crypto market attention focused on PEPE whale accumulation, a phenomenon that contrasts with the bearish trend prevailing among retail investors after six weeks of losses.

Santiment data reveals that whales capitalized on price weakness to add at least 23.02 trillion tokens to their portfolios since October, bracing for a potential reversal.

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

 

This move occurs during a period of low liquidity, where high-profile investors like James Wynn have liquidated positions, sparking doubts about the asset’s short-term stability. However, the steady flow into institutional wallets indicates that “smart money” sees value at current levels, expecting the market to regain its bullish momentum imminently.

Liquidity Challenges and Dominance Signals in the Memecoin Market

PEPE’s recovery is not without risks, especially given warnings from analysts like Benjamin Cowen regarding the impact of liquidity tightening on speculative assets. In fact, there is a possibility that a new local bottom may form before a sustained rebound occurs, forcing traders to maintain strict vigilance over technical support levels.

For a true trend reversal to take place, it is essential to observe an increase in memecoin dominance relative to the total altcoin market capitalization. For now, this massive accumulation serves as a fundamental support that could trigger a breakout once Bitcoin manages to stabilize in positive territory over the long term.

In summary, while retail sentiment remains pessimistic, whale activity presents an opportunistic landscape for those who believe in the rebound of the Ethereum-based frog coin. The market will be watching for the next major “green candle,” which will largely depend on this buying power’s ability to absorb residual selling pressure in the coming sessions.

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