Today, a new large investor was seen buying a remarkable 357 billion PEPE tokens from Binance, which has sparked hope among investors. This purchase comes at a time when PEPE’s price is already showing signs of going up.
Pepe Coin caught the attention of crypto investors again as whale data revealed a significant accumulation despite the token’s ongoing price increase. According to a post on X by Lookonchain, a whopping 357 billion PEPE was acquired from Binance, a top cryptocurrency exchange. This occurred alongside a nearly 3% price rise for the frog-themed meme token in the past 24 hours. With PEPE also experiencing approximately 16% gains over the week, this accumulation has heightened optimism for the coin’s long-term price trajectory.
Whale Accumulates 357.34 Billion PEPE Tokens
According to Lookonchain’s data, a substantial accumulation of 357.34 billion PEPE tokens, valued at $2.9 million, was observed today, May 9, by a newly created wallet address, 0x4f0178. This significant acquisition by a fresh address has sparked speculation regarding the whale’s confidence in the asset’s future, despite its ongoing price uptrend in recent days.
The new wallet currently holds only one token, PEPE, as per information from Etherscan, a blockchain explorer. Notably, smart money has also been observed accumulating 143 billion PEPE tokens, further adding to the optimistic sentiment surrounding the token in the broader crypto market.
In addition, another report indicates that an astonishing 4 trillion Pepe coins were accumulated earlier this month. Collectively, these on-chain data points have fueled significant investor optimism regarding PEPE’s future price movements.
PEPE’s Price Movement and Market Dynamics
At the time of writing, PEPE’s price has seen a 4.20% increase in the past 24 hours, currently trading at $0.0000081. The token’s price movement exhibited high volatility, with 24-hour lows and highs recorded at $0.000007629 and $0.00000848, respectively.
The market capitalization of PEPE rose by 4.16%, reaching $3.41 billion, accompanied by a significant 34.08% surge in the token’s 24-hour trading volume, reaching $792.02 million. Coinglass, a cryptocurrency futures trading & information platform, reported a 5.56% decrease in PEPE’s open interest, reaching $86.98 million, while the derivatives volume surged by 45.62%, reaching $800.63 million.
These factors somewhat rationalize PEPE’s turbulent price action. However, the broader charts indicate an uptrend for the frog-themed meme coin, with weekly gains of 16.44%. Additionally, the Relative Strength Index (RSI) hovers at 57, suggesting that the asset is currently experiencing a neutral market wave.
Bulls and bears are currently engaged in a battle for control over the token, leading to uncertainty regarding PEPE’s short-term prospects. Nevertheless, the massive accumulations observed paint an optimistic picture for the Pepe coin in the long run.
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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