PEPE Jumps 5% In Response To 231B Whale Buyup, What Comes Next?
Fortune might be favoring PEPE once again as a major whale has gone on a buying spree over the past 24 hours. This move comes as PEPE's price has dropped significantly, presenting an attractive opportunity for the whale to accumulate tokens at a discount.
### PEPE Price Attractive for Whale?
According to insights from the crypto analytics platform Lookonchain, the whale purchased 231.6 billion PEPE worth $2.9 million in the past day, reinforcing its significant stake in the memecoin.
The whale is not new to PEPE, having started accumulating since at least March 16. So far, this whale has bought a total of 750.34 billion PEPE valued at $8.34 million from Kraken at an average price of $0.00001111.
### Strategic Buying Amid Market Conditions
This buying spree is particularly notable because many investors might be selling off their tokens after PEPE recently reached its all-time high (ATH) of $0.00001718. PEPE has since retraced by 26.38% to its current price of $0.00001262.
The whale’s action indicates strong confidence in PEPE’s potential for growth. Despite the overall market correction, analysts remain optimistic about the future of altcoins, including memecoins, in this bull cycle.
### Memecoin Market Showing Growth
PEPE is not the only memecoin seeing positive developments. The overall memecoin market cap has grown to $58.8 billion, up by 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% increase in PEPE to $0.00001268, and a 0.77% surge in dogwifhat (WIF) to $2.769. Additionally, FLOKI’s BNB Chain holders have surpassed the 417,000 mark.
Other tokens have introduced innovations like Shibarium for Shiba Inu and TokenFi for Floki, boosting their demand. While PEPE still lacks such innovations, it has built a dedicated community with ambitions to surpass SHIB and DOGE in the long term.
