PEPE is making headlines today as many altcoins struggle to maintain the uptrend seen over the past 24 hours. PEPE is sliding again as it bucks the negative trend in early market trading. The meme coin is changing hands at $0.00000718, down 3.68% in 24 hours after jumping more than 5% earlier.
PEPE whales have taken advantage of this downtrend to go all-in on the token. According to data from IntoTheBlock (ITB), the number of large PEPE transactions has increased by more than 131% in 24 hours. Following this surge, $76.3 million worth of PEPE whale transactions were shuffled in this time frame.
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Zooming out from these figures, 10.21 trillion PEPE was injected into the whale surge in 24 hours. ITB defines whale trades as those worth more than $100,000. One hundred and twenty such trades were made during this period, and over 200 were recorded in the past week.
PEPE is no exception to the strong whale adoption seen over the past few weeks. The idea is that many of these whales understand the low price of the token at present. While PEPE developers have not revealed any major development roadmap to facilitate speculation about future ecosystem growth, long-term HODLers believe that PEPE is undervalued compared to its closest competitor, Shiba Inu (SHIB).
According to In and Out of Money data from ITB, PEPE has about half, or 49%, of its holders in profit. That equates to over 147,000 holders, with another 11.11%, or 32,000 wallets, at breakeven. With just 115,280 losing addresses, or 39%, PEPE is one of the most profitable meme coins.
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This has reignited interest in the token among whale investors. While PEPE has limited use cases, unlike SHIB’s Shibarium, its potential could help PEPE sustain a bull run that whales believe is imminent.
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