With PEPE’s price soaring from $0.0000009 to $0.000008 this year, more and more people are collecting Pepe Coins. This suggests that the frog-themed meme token might continue to see even more gains in the future.
Crypto market investors boosted Pepe coin with a bullish surge, purchasing nearly 650 billion tokens in the last 24 hours. Despite the ongoing bull run, PEPE accumulations have continued to increase. However, the current price of PEPE is experiencing turbulence.
Pepe Coin Accumulations Spark Optimism Amidst Bull Run
Pepe coin accumulations have become a notable trend during this year’s impressive bull run for the frog-themed meme token. Today, on May 11, data from an analytics platform revealed that investors in the crypto market bought a staggering 650 billion PEPE coins, sparking optimism about the future price movements of the meme cryptocurrency.
Despite initial concerns and expectations for a correction, Pepe coin surged from a low of $0.0000009 to a peak of $0.0000099 in March this year, defying market predictions. However, recent accumulations of PEPE, whether by whales or investors, have reached into the trillions in the past few days, adding an intriguing dimension to the token’s future price trajectory.
Massive Pepe Coin Purchases by Investors
According to data from LookOnChain, investors snapped up 649.16 billion PEPE tokens in the last 24 hours, with four unidentified addresses leading the charge in accumulating significant amounts of Pepe coin from exchanges. One such address, 0xa145, withdrew a whopping 350 billion PEPE, valued at $3.44 million, from Binance, a prominent centralized exchange (CEX).
This address is known for its proficiency in swing trading and has reportedly earned $2.66 million in profit with the frog-themed meme coin. Additionally, data from Etherscan shows that the address holds 67 different tokens, with Shiba Inu and Pepe coin ranking as the top holdings.
Meanwhile, address 0xa4Fd acquired 123.66 billion PEPE using 1.09 million USDC. At the same time, addresses 0x895f and 0x24E3 purchased 101 billion and 74.5 billion PEPE, respectively.
These significant accumulations during the token’s ongoing upward trend have sparked optimism about PEPE’s potential for further gains. However, PEPE’s price has shown highly turbulent behavior in the past 24 hours.
PEPE Price Fluctuations and Market Sentiment
At the time of writing, PEPE’s price experienced a slight decline of 0.27%, settling at $0.00000867. The token’s chart depicts trading activity in both red and green zones, with 24-hour lows and highs recorded at $0.000008219 and $0.000008906, respectively, indicating a period of sideways trading.
Despite the token’s consolidation, a whale purchased approximately 350 billion PEPE yesterday, as evident from broader charts. This contributes to the positive outlook regarding Pepe coin’s future price movements, highlighting the presence of buying pressure in the market.
According to Coinglass data, PEPE’s open interest saw a 1.64% increase, reaching $98.81 million, while derivatives volume experienced a slight decrease of 0.32% to $822.18 million. This may contribute to the meme coin’s short-term volatility, but combined with recent massive accumulations and the anticipated post-BTC halving rally, market sentiments remain optimistic about Pepe coin’s long-term prospects.
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