PEPE might be in luck again as a large investor bought a huge amount of tokens in the last 24 hours. This big buy happened just as PEPE’s price had dropped significantly, making it a good time to get the tokens at a lower price.
A major PEPE investor has bought over 231 billion tokens in the last 24 hours, taking advantage of a dip in PEPE’s price. The memecoin market is currently experiencing a strong upward trend, and PEPE is expected to benefit even more from this momentum.
Whale’s Massive Buy Signals Confidence in PEPE’s Future
According to insights from the crypto analytics platform Lookonchain, a whale bought 231.6 billion PEPE tokens within 24 hours. This large purchase, amounting to $2.9 million, strengthens the whale’s position in the memecoin.
Lookonchain noted that this PEPE whale is not new to accumulating the token. Since at least March 16, the whale has purchased a total of 750.34 billion PEPE, valued at $8.34 million, from Kraken at an average price of $0.00001111.
Lookonchain, Source: X
Buying PEPE at this time is particularly noteworthy because many are likely to sell the tokens after it recently hit its All-Time High (ATH). From an ATH of $0.00001718, PEPE has now decreased by 26.38% to its current price of $0.00001262.
One major reason for this whale’s action is the strong belief in PEPE’s potential for continued growth. Despite the impressive performance of PEPE and other memecoins during this bull cycle, market analysts remain optimistic about further gains for altcoins that typically outperform the broader market.
Over the past week, PEPE has dropped by 9.64%, creating an opportune moment for the whale to enter for a long-term hold. With memecoins poised to retest their ATH soon, PEPE remains a major favorite.
Memecoin Ecosystem Shows Strong Growth and Innovation
Beyond PEPE, the memecoin ecosystem is experiencing significant positive growth. The market cap of memecoins has reached $58,794,310,811, an increase of 1.95% in the past 24 hours.
This growth was driven by a 0.6% rise in Dogecoin (DOGE) to $0.1477, a 1.82% jump in PEPE to $0.00001268, and a 0.77% increase in dogwifhat (WIF) to $2.769. Among the notable milestones in the ecosystem is the increase in FLOKI’s BNB Chain holders, which has surpassed the 417,000 mark.
Other tokens have introduced unique innovations to boost demand, such as Shibarium for Shiba Inu and TokenFi for Floki. While PEPE has not yet implemented such innovations, it has developed a dedicated community with a strong desire to surpass SHIB and DOGE in the long term.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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