Pepe (PEPE), a prominent meme coin on Ethereum, has seen its price decline for six consecutive weeks. Despite this downturn, on-chain data reveals that significant accumulation by large wallets continues. Over the past four months, the top 100 largest PEPE wallets have amassed approximately 23.02 trillion PEPE, suggesting potential for a price rebound. While notable trader James Wynn recently exited his PEPE positions, other investors remain optimistic about a recovery. Analysts from Santiment highlight that large wallet activity often precedes altcoin trend reversals and price rallies. However, caution is advised as market conditions remain challenging, with meme coins facing pressure from tightening liquidity. A rebound in meme coin market dominance could signal a broader recovery for PEPE and similar assets.