Investors Accumulated 650 Billion pepe Coins, Is There More Steam Left?
Pepe coin accumulations have emerged as an ongoing trend amid the remarkable bull run the frog-themed meme token has experienced this year. Today, May 11, data from an analytics platform revealed that a staggering 650 billion PEPE were purchased by crypto market investors, sparking a flurry of optimism about the future price movements of the cryptocurrency.
The Pepe coin rose from a low of $0.0000009 to a peak of $0.0000099 in March this year, defying market expectations and spawning the usual sentiments that the token may need a correction. However, recent PEPE accumulations by whales or investors are estimated to be in the trillions, adding a new layer of curiosity to the token’s upcoming price movement.
Here is a detailed report on the current market statistics and price movements of Pepe Coin.
PEPE Accumulations – The ‘Hot Trend’ of the Crypto World
According to data compiled by LookOnChain, investors purchased 649.16 billion PEPE in the last 24 hours, while four unknown addresses collected large amounts of Pepe coins from exchanges. Address 0xa145 attracted 350 billion PEPE worth $3.44 million from Binance, one of the most famous CEXs. It is worth noting that this address is good at swing trading and reportedly made $2.66 million in profits with its frog-themed meme coin.
Meanwhile, address 0xa4Fd purchased 123.66 billion PEPE with 1.09 million USDC. Simultaneously, addresses 0x895f and 0x24E3 purchased 101 billion and 74.5 billion PEPE, respectively.
These large accumulations amid the token’s ongoing upward momentum have fueled optimism about PEPE’s potential for further gains. However, it seems that the PEPE price has followed a very turbulent course in the last 24 hours.
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Price Changes of Pepe Coin
As of press time, PEPE’s price is down 0.27% to $0.00000867, and the token’s chart is trading in both red and green zones. The 24-hour low and high are $0.000008219 and $0.000008906 respectively, indicating a period of sideways trading.
parofix Media had previously reported that a whale bagged approximately 350 billion PEPE yesterday despite the token’s consolidation, which will be visible on the broader charts. This further increases optimism about the future price movements of the Pepe coin and underlines the existence of buying pressure for the token in the market.
Coinglass’ data at press time showed that PEPE’s open position increased by 1.64% to $98.81 million, while derivative volume decreased by 0.32% to $822.18 million. This may be increasing the short-term volatility of the meme coin further, but combined with the large accumulations in recent days and the yet-to-be-realized post-BTC halving rally, market sentiment remains optimistic about the long-term prospects of the Pepe coin.
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The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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