$76.3 Million in Transactions $PEPE Whale: What’s Driving the Meme Coin Frenzy?

September 12, 2024

According to a recent report by U TODAY, $PEPE is making waves again as many altcoins attempt to maintain their upward momentum over the past 24 hours. The meme coin, however, has slipped despite bucking the negative trend in early market activity. Currently trading at $0.00000718, PEPE has dropped by 3.68% over the past day after previously seeing a surge of over 5%.$PEPE

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This price drop has caught the attention of PEPE whales, who have seized the opportunity to dive deeper into the token. Data from IntoTheBlock (ITB) reveals that large PEPE transactions have increased by over 131% over the past 24 hours. As a result, a staggering $76.3 million worth of PEPE transactions have taken place during this period.

Looking at the numbers, a total of 10.21 trillion PEPE tokens have been involved in these whale transactions over the past 24 hours. The ITB defines whale transactions as those worth more than $100,000, and there have been 120 such transactions recorded. Over the past week, that number has surpassed 200.

PEPE’s appeal to whales is nothing new. In recent weeks, there has been a steady trend of whale accumulation, with many believing the token is currently undervalued. While the PEPE development team has yet to announce any significant ecosystem updates or expansions, long-time holders remain convinced of its potential, especially when compared to Shiba Inu (SHIB).

According to ITB’s In and Out of Money data, approximately 49% of PEPE holders are currently in profit, which translates to over 147,000 addresses. 11,11 %