Pepe coin whales accumulated over 400 billion tokens after a selloff last week as the PEPE meme coin community anticipates a price increase.
The last 24 hours have seen a significant increase in the accumulation of Pepe Coin by whales, as evidenced by the substantial withdrawals and purchases. This has generated enthusiasm for a bullish PEPE price rally in the face of significant declines in the meme coin with a frog theme. This occurred just days after a whale disposed of billions of tokens in the market.
The PEPE Coin Whales Are Purchasing the Dip
According to Spot On Chain data, two PEPE coin billionaires, Ox8f5 and Oxb1a, have amassed 280 billion and 200.4 billion PEPE coins, respectively. Nevertheless, their techniques of token accumulation differ. Ox8f5, a PEPE coin billionaire, withdrew holdings valued at approximately $5 million from Binance.
Conversely, the holdings were acquired by whale Oxb1a for 3.72 million USDC. Intriguingly, whale Ox8f5 has experienced losses of nearly $1.45 million from the token in the past.
Given the token’s precipitous decline, whales are purchasing declines. The community is now sanguine that a PEPE price surge is on the horizon, regardless of the objective. Whales quickly accumulate the token when it is down on the price charts.
Presently, the price of PEPE is being influenced
At present, the price of PEPE has been minimally affected by the accumulation of billions of frog-themed meme coins by both PEPE coin billionaires.
The price of PEPE has decreased by 3.59% in the past 24 hours and is currently trading at $0.00001724. Additionally, PEPE has experienced a 17.93% decline in the past week and a 28.97% decline in the past month.
In the interim, the 24-hour trading volume and open interests have increased by 16.53% and 0.41%, respectively. According to CoinCodex, the current sentiments toward PEPE are adverse, with an FGI of 62 points and a volatility of approximately 10.13%.
The upcoming rally in the PEPE coin is predicted by CoinGape analysis. However, it is equally crucial to acknowledge that the crypto market is highly volatile, and prices can fluctuate in either direction due to various factors.
Recent PEPE Coin Whale Activity
The whale was observed depositing 85 billion coins in a previous PEPE coin whale activity reported last week. The report indicates that PEPE coins were disposed of in the market at an estimated value of 1.51 million USDC.
This bolsters the rumors that additional selloffs were imminent; however, whales are purchasing the decline. If the broader altcoin market recovers, this could contribute to a positive upward momentum.