PEPE could set a new all-time high after large holders refused to book profit

• Large holders are still holding onto PEPE despite its recent all-time high.
• PEPE is on the brink of a new all-time high after an 8% rally.
• Investors must exercise caution as few addresses control 65% of the token's supply.

PEPE is showing signs of a rally on Friday despite the refusal of large holders to sell. Other key on-chain data also support this move.

PEPE’s on-chain data reveals key insight

PEPE is up nearly 8% on Friday, aiming to set a new all-time high above $0.000017.

In May, PEPE rallied nearly 130%, setting and flipping new all-time highs along the way. The meme coin flipped Polygon (MATIC) and Litecoin (LTC) during its rise, making it the 21st largest cryptocurrency with a market cap of $6.55 billion.

Read more: Pepe sell signal hints at 20% crash before bulls come back

However, PEPE's historical concentration shows that most whales are still holding onto their positions despite the meme coins reaching an all-time high on Monday. Hence, it hasn't experienced a huge correction.

Large holder inflow and outflow are almost equal, with 68.61% and 68.99% change, respectively.

Before PEPE's all-time high on Monday, the total number of addresses with large holdings had the following distribution:

• $10K - $100K had 13.56K addresses
• $100k - $1M had 2.2K addresses 
• $1M - $10M had 340 addresses
• >$10M has 57 addresses 

As of May 30, after PEPE's all-time high, their new composition is as follows:

• $10K - $100K had 12.55K addresses
• $100k - $1M had 2.03K addresses 
• $1M - $10M had 315 addresses
• >$10M has 57 addresses

This confirms that while most large holders are in profit, they have yet to sell.

While the reason whales hold onto their positions isn't totally clear, Global In/Out of the Money (GIOM) data suggests they are waiting for all their holdings to become profitable.

Also read: PEPE hits new all-time high, meme coin could extend gains

GIOM calculates an asset's average cost price and compares it with its current price. If the cost price is lower than the current price, the token/address is profitable, and vice versa if it is higher than the current price.

GIOM shows that over 32 trillion PEPE tokens bought between $0.000013 and $0.000017 are about to become profitable. Considering PEPE's all-time high is at $0.000017, it may need to flip this level to record a new all-time high before these addresses become profitable.

However, investors must exercise caution as these 57 addresses hold nearly 65% of PEPE's supply. PEPE will see a significant dump if these large whale addresses begin to sell.