PEPE whales accumulate as memecoin surges 13%

PEPE whales accumulate as memecoin surges 13%

The Rise of PEPE Whales and the Recovery of the Meme Coin

Introduction

In the volatile world of cryptocurrencies, one coin that has captured the attention of traders and investors is PEPE. Based on the popular internet frog avatar, this meme coin experienced a significant decline along with other major cryptocurrencies like Bitcoin and Ethereum. However, in the past 24 hours, the coin has seen a remarkable 13% rally, thanks in part to the buying activity of PEPE whales.

PEPE Whales Flock to the Meme Coin

During its period of consolidation, PEPE experienced a gradual downtrend. However, the recent surge indicates that the coin may have found its bottom. Although it has not fully recovered to its previous levels, the momentum gained from this rally suggests that PEPE could soon retest those levels.

The involvement of PEPE whales, particularly in the past day, has played a significant role in the coin’s price surge. According to Lookonchain on Twitter, two whales have made substantial purchases of PEPE using Ethereum. These smart-money holders have bought a total of 1.56 trillion PEPE tokens, worth around $2.05 million.

The first whale, known as “yougetnothing.eth,” acquired approximately 874 billion PEPE tokens using 600 ETH, with a profit of over 9%. This investor has been an active altcoin trader in the past three months, highlighting their interest in exploring different opportunities within the cryptocurrency market.

The second whale purchased 658 billion PEPE tokens with 500 ETH, with gains currently at around 3%. While this may be less than what the first whale gained, it exemplifies the diversity of investors participating in the PEPE market.

PEPE’s Market Cap and Standing

The recent surge in PEPE’s price has positively impacted the coin’s standing in the wider cryptocurrency market. Currently ranked 71st in terms of market cap, PEPE’s total valuation sits at approximately $552 million. This notable improvement reflects the market’s growing confidence in the coin’s potential.

At the time of writing, PEPE is trading at around $0.000001408, representing a 13% increase in the last 24 hours. This rise in value positions PEPE as an attractive investment option for traders seeking short-term gains within the volatile cryptocurrency landscape.


Whale Purchase Investment (USD) Current Profit
yougetnothing.eth 874 billion PEPE $1.12 million 9%
Second Whale 658 billion PEPE $938,000 3%

Table 1: Summary of PEPE whale purchases and profits


Conclusion

The rise of PEPE whales and their significant purchases of the meme coin have contributed to its recent price rally. While PEPE has not fully recovered from its previous decline, the momentum gained in this rally suggests the potential for a resurgence. As the original meme coin, Dogecoin, also experiences bullish winds, it is evident that meme coins continue to capture the attention and interest of traders.

With a current market cap of $552 million, PEPE has improved its standing within the wider cryptocurrency market. Although PEPE is still considered a relatively high-risk investment option, the recent surge indicates growing confidence and investor sentiment. As the cryptocurrency market continues to evolve, the rise of meme coins and the involvement of whales highlight the dynamic nature of this industry. Investors are eager to capitalize on the opportunities presented by these emerging coins, creating a vibrant and exciting landscape within the blockchain industry.

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