The accumulation of PEPE has become an ongoing trend during the extraordinary bull run that the frog-themed meme token has experienced this year. Today, May 11, data from an analytics platform revealed that crypto market investors bought a staggering 650 billion PEPE, sparking optimism about the future price action of the meme cryptocurrency.

In March, Pepecoin surged from a crash low of $0.0000009 to a peak of $0.0000099, defying market expectations and spawning the usual sentiment that the token could be due for a correction. However, in recent days, the accumulation of PEPE, both by whales and investors, has reached trillions of dollars, adding a layer of intrigue to the token’s future price action.

PEPE Accumulation - A "Hot Trend" in Crypto

According to data collated by LookOnChain, investors bought 649.16 billion PEPE in the past 24 hours, with four unknown addresses mainly grabbing a large amount of Pepe coins from exchanges. Address 0xa145 withdrew 350 billion PEPE worth $3.44 million from Binance, one of the most famous CEXs. It is worth noting that this address is good at swing trading and reportedly made a profit of $2.66 million through frog-themed meme coins.

At the same time, the address 0xa4Fd used 1.09 million USDC to purchase 123.66 billion PEPE. At the same time, the addresses 0x895f and 0x24E3 purchased 101 billion and 74.5 billion PEPE respectively.
These large accumulations have sparked optimism about PEPE’s further upside potential amid the token’s ongoing upward momentum. Nonetheless, PEPE’s price appears to have experienced high volatility over the past 24 hours.

Pepe Coin price changes

As of writing, PEPE’s price is down 0.27% to $0.00000867, with the coin’s chart showing trading in the red and green zones. The 24-hour low and high are $0.000008219 and $0.000008906 respectively, indicating a period of sideways trading.

CoinGape Media reported earlier that despite the token’s consolidation, a single whale scooped up around 350 billion PEPE yesterday, which can be seen on the wider chart. This further adds to the optimism surrounding Pepecoin’s future price action, highlighting the buying pressure on the token in the market.

Coinglass data at press time shows that PEPE’s open interest surged 1.64% to $98.81 million, while derivatives volume fell 0.32% to $822.18 million. This could further drive short-term volatility for the Meme coin, although coupled with the massive accumulation in recent days and the upcoming rally after BTC’s halving, market sentiment remains optimistic about the long-term prospects of Pepe coin.