Pepe Coin whales continue to accumulate tokens in large quantities, signaling that market pressure for the price of PEPE to increase by 7 times will rise.
During the bull market cycle, Pepe Coin whales continuously increase their holdings of the frog-themed meme token, stirring a wave of optimism among global investors. On Wednesday, on-chain data indicated that whales continue to hold meme tokens, having accumulated 33.709 billion PEPE so far. At the same time, other data suggests that interest in this asset is growing, and market enthusiasts in the cryptocurrency field are still looking forward to a potential 7-fold surge.
The accumulation momentum of Pepe Coin whales is strong, indicating a bullish trend in the cryptocurrency market.
According to data from Lookonchain, Pepe Coin whales continue to accumulate the frog-themed meme tokens, indicating increased market interest. Notably, wallet address 0x160…b5B purchased 33.709 billion PEPE from Binance in the past 20 days, worth $6.92 million. In turn, this large-scale accumulation brings an optimistic wave to the token, marking an increase in buying pressure.
At the same time, Etherscan data shows that as of the report, the number of holders of this asset is gradually increasing. According to the data, nearly 334,000 addresses hold Pepe Coin, which has sparked optimism against the backdrop of a bullish cryptocurrency market in the fourth quarter.
Additionally, it is worth mentioning that this top meme token has recently been hosted on Coinbase Prime. This enhanced issuance further paves the way for capital inflow into the token, attracting a wide range of investors. Meanwhile, the ongoing bull market for the frog-themed meme cryptocurrency reflects the bullish sentiment in the market following an increase in purchase volume and enhanced issuance.
Will the price of PEPE soar by 7 times?
As of the writing of this article, the price of PEPE has increased by nearly 0.5%, trading at $0.00002065. Its intraday low and high prices are $0.00001908 and $0.00002104, respectively. Furthermore, the token's weekly and monthly charts show an increase of 12% and 154%, respectively. Overall, the bullish trajectory and subsequent increase in purchase volume reinforce investors' optimistic sentiment regarding further increases in the meme token.
Interestingly, a recent price analysis of PEPE by CoinGape indicates that this meme coin could further rise by 7 times, significantly expanding its gains. This bullish analysis is also attributed to the accumulation of Pepe Coin by whales, which reportedly have increased their holdings by over 100 trillion coins.
Overall, the data above paints a highly bullish outlook for the frog-themed meme token, suggesting that as market interest continues to grow, the token could further rise. Market observers continue to monitor the token, primarily reflecting a bullish sentiment regarding future trends.
