Big investors are scooping up the meme coin despite its price drop, hinting at a potential rise in the near future.
Pepecoin (PEPE) traders aren’t bothered by the recent price drop and are buying more tokens, indicating positive price trends ahead in the next few weeks.
According to Lookonchain, a tool that analyzes blockchain data, three big holders of pepe tokens, known as whales, began buying more of the tokens earlier this week, even though the price had dropped by almost 50%.
Lookonchain tweeted that three big investors, referred to as whales, began purchasing $PEPE tokens after the price went down. One of the whales, with the address 0x50C1, withdrew 1.4 trillion $PEPE tokens worth around $2.76 million from Binance when the price was $0.000002054.
The firm also mentioned that 0x2Baa purchased 212 billion $PEPE tokens worth approximately $429,000 using 223 $ETH tokens valued at $412,000 when the price was $0.000001942. Additionally, 0x3AE8 acquired 424 billion $PEPE tokens worth around $864,000 by exchanging 450 $ETH tokens valued at $831,000 at a price of $0.000001957.
- 3 whales started to buy $PEPE after the price dropped.
At a price of $0.000002054, the wallet address 0x50C1 took out 1.4 trillion $PEPE tokens, which amounted to approximately $2.76 million, from the Binance exchange.
Using 223 $ETH tokens valued at $412,000, the wallet address 0x2Baa purchased 212 billion $PEPE tokens, which amounted to approximately $429,000. The transaction occurred at a price of $0.000001942.
According to a tweet from Lookonchain, the wallet address 0x3AE8 acquired 424 billion $PEPE tokens, worth around $864,000, by exchanging 450 $ETH tokens valued at $831,000. This transaction took place at a price of $0.000001957.
Based on CoinGecko data, trading volume for PEPE exceeded $420 million in the last 24 hours. The prices experienced a sharp decline but later bounced back.
According to the data, trading volumes have moved from the decentralized exchange Uniswap to the crypto exchange Binance. This shift occurred after Binance listed the tokens in its innovation zone last week.
In the last 24 hours, Binance recorded pepecoin trading worth more than $160 million, while Uniswap had approximately $55 million. The main reason for this difference is that Binance offers easier access for individual traders and lower transaction fees per trade. On the other hand, Uniswap experienced higher fees per PEPE trade, averaging around $35 on Wednesday, due to network demand and increased fees in general.
According to DEXTools data, the number of unique pepe token holders surpassed 100,000 on Tuesday. This suggests that people are still buying the tokens despite the price drop, indicating a potential turnaround for the meme coin in the upcoming weeks.
The data reveals that the biggest pepecoin holders currently hold unrealized profits ranging from $4 million to as high as $9 million.