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In a bold move signaling strong market confidence, a crypto whale has snapped up 357 billion PEPE on Binance, propelling PEPE's price higher. This considerable acquisition coincides with the token’s recent 3% uptick and a cumulative 16% weekly gain, spotlighting PEPE's burgeoning appeal in the meme coin sector.
Whale's Massive PEPE Buy Highlights Strong Investor Confidence, Fuels Market Excitement
According to CoinGape, Pepe Coin has once again caught the attention of crypto market investors, as whale data surfacing in the market revealed enormous accumulation despite the token's continuous upward trajectory. In a post shared on X by the on-chain analytics platform Lookonchain, it was revealed that a staggering 357 billion PEPE was accumulated from Binance, one of the world's leading cryptocurrency exchanges, amid a nearly 3% price increase observed by the frog-themed meme token in the previous 24 hours.
This accumulation, combined with PEPE's about 16% weekly gains, has sparked market excitement about the meme coin's potential for long-term price growth. Here is a more in-depth look at accumulation and PEPE's current market figures.
According to Lookonchain's observations, a new wallet address, 0x4f0178, accumulated 357.34 billion PEPE, worth $2.9 million, today, May 9. This enormous collection has sparked discussion about the whale's faith in the asset's future despite a recent upward price trend.
Another story claims that an astounding 4 trillion Pepe coins were collected earlier this month. Collectively, the aforementioned on-chain data has fueled tremendous investor excitement about PEPE's potential price moves.
PEPE's Price Surges Amid Volatility, Market Capitalization and Trading Volume See Notable Increases
Meanwhile, at the time of writing, PEPE's price had risen 4.20% in the previous 24 hours and is now trading at $0.0000081. The 24-hour low and high are $0.000007629 and $0.00000848, indicating a highly erratic movement.
The market capitalization increased by 4.16% to $3.41 billion, while the token's 24-hour trading volume increased by 34.08% to $792.02 million. Coinglass, a cryptocurrency futures trading and information platform, reported a 5.56% drop in PEPE open interest, reaching $86.98 million, while derivatives volume increased 45.62%, reaching $800.63 million.
This partially explains PEPE's volatile price movement. The larger charts show an upswing for the frog-themed meme coin, with weekly gains of 16.44%. Furthermore, the RSI remains at 57, indicating that the asset is riding a neutral market wave.
Bulls and bears are vying for token control, and PEPE's short-term prospects are questionable. Nonetheless, the significant accumulations portray a positive picture for the Pepe coin in the long term.
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