Pepe Coin (PEPE) traded near $0.00001109 on July 10, gaining about 8% in the past 24 hours. Daily trading volume doubled to around $1.37 billion and the market capitalization climbed to roughly $4.66 billion, showing fresh inflows.
Supply on Exchanges Drops to Lowest in Months
Supporting this rebound, on-chain data from Santiment shows PEPE’s supply on exchanges fell from about 28% to near 24% over the past two weeks.
This decline means fewer tokens are readily available for quick selling, tightening supply as trading activity grows. PEPE’s total circulating supply sits near 420.68 trillion, leaving about 101 trillion PEPE on exchanges at current levels.
Netflow data further confirms the supply trend. Recent daily flows show small but steady outflows, meaning more tokens are moving off exchanges than onto them. While these outflows are not sudden spikes, they align with the gradual drop in supply, indicating that whales are managing liquidity rather than executing a single massive withdrawal.
This steady drain matches rising whale activity. Santiment data shows that transactions above $100,000 jumped to 125 on July 9, with nine transactions above $1 million. This is about twice the daily average for the past month. Bigger holders appear to be shifting or accumulating tokens as PEPE holds above key price levels.
Can PEPE Break Higher or Will Sellers Return?
PEPE’s price chart shows the token moving inside a rising channel. Price now tests the upper trend line near $0.00001110. If the lower channel wall, sitting near $0.00001020, holds, traders could see an attempt at $0.00001233 — the level that matches the 200-day exponential moving average. PEPE also trades above its 20-day, 50-day, and 100-day EMAs, clustered between $0.00001023 and $0.00001078, which keeps the short-term outlook positive.
If PEPE holds its channel and stays above short-term EMAs, traders may see a move toward $0.00001233 in the coming days.
A clean break higher could attract fresh short-term buyers. Historically, when PEPE combined falling exchange supply with steady whale accumulation — like during its April 2023 surge — prices ran up quickly. But in past cycles, new inflows to exchanges often ended rallies fast. For example, after its 2023 peak, PEPE dropped over 50% within days as whales sent tokens back to exchanges.
Likewise, when PEPE broke below rising channels — as it did in August 2023 — sellers gained control quickly and drove prices 20–25% lower. If current support near $0.00001020 fails, traders could see a retreat back toward $0.000009, which acted as a floor last month.
So far, mild net outflows suggest no mass exit. But traders are watching for any reversal in flows that might hint at large holders preparing to sell. The pattern remains clear: tight supply and steady accumulation support upside — but any reversal in these on-chain trends has historically triggered fast corrections.
The wider crypto market has also turned risk-on. Bitcoin (BTC) traded above $111,000, gaining about 2% daily. Ethereum (ETH) rose more than 6% to $2,796. Other meme coins followed: Dogecoin (DOGE) added about 5% and Shiba Inu (SHIB) rose nearly 6%.
