Investors Accumulate 650 Billion Pepe Coins, Is There More Momentum?
The accumulation of PEPE has become an ongoing trend during the extraordinary bull run that the frog-themed meme token has experienced this year. According to data collated by LookOnChain, investors purchased 649.16 billion PEPE in the past 24 hours, and these large accumulations have triggered optimism about the potential for further gains for PEPE amid the token's continued upward momentum. Nonetheless, the price of PEPE appears to have experienced high volatility in the past 24 hours.
As reported earlier, despite the token's consolidation, a single whale scooped up around 350 billion PEPE yesterday, which can be seen in the wider chart. This further adds to the optimism about the future price action of Pepe Coin, highlighting the buying pressure on the token in the market.
PEPE's open interest surged 1.64% to $98.81 million, while derivatives trading volume fell 0.32% to $822.18 million. This could further drive short-term volatility in Meme Coin, although coupled with the massive accumulation in recent days and the upcoming rebound after BTC halving, market sentiment remains optimistic about the long-term prospects of Pepe Coin. Ambush potential coins in advance, click on my avatar to find me. Welcome to like, follow, collect, and forward