PEPE rises 5% following 231 billion whale buyup; now what?

PEPE rises 5% following 231 billion whale buyup; now what?

PEPE, one of the most popular meme coins, is finally eyeing a major rebound. The token recently recorded a huge whale accumulation of 231 billion tokens.

The purchase has come at a time when PEPE has dropped massively in price. Lookonchain, a crypto analytics platform, reported that a PEPE whale had bought 231.6 billion tokens in 24 hours. The news was reported on the official X account of Lookonchain.

The whale’s accumulation cost $2.9 million, making the trader one of the world’s largest PEPE holders. This is not the first time the whale has been associated with massive token accumulation.

Since March 16, an unknown buyer has purchased 750.34 billion tokens. The average price of these tokens, valued at $8.34 million, is $0.00001111. While buying crypto coins after a price dip is natural, the latest move comes with a unique twist.

This is because most holders are likely to sell off PEPE at this time, given that the coin has recently reached its all-time high (ATH). After reaching $0.00001718, the coin dropped 26.38% to reach $0.00001265.

One explanation for the move could be the market trust PEPE has earned. The tendency can help the meme coin grow out of its current resistance levels. Crypto analysts are showing immense optimism for most meme tokens on the market, not just PEPE.

In the past week alone, PEPE has dipped 9.64% in value, setting the stage for traders to take a long-term hold stance. The coin is among the favorites when it comes to meme tokens that can retouch their all-time highs.

The coin is currently trading at $0.00001265 (at the time of writing), having increased 4.47% in the past 24 hours. Based solely on market cap, PEPE ranks 23rd among the top cryptocurrencies. However, its 24-hour volume puts it 8th among the most popular cryptos.

Published at Mon, 10 Jun 2024 12:20:55 +0200

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