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PEPE saw a 5% surge after a whale purchased 231 billion tokens, signaling the potential for a rally. The significant buyup, worth $2.9 million, occurred within 24 hours, raising hopes among investors for a price rebound.
Whale Accumulates $2.9M in PEPE Tokens, Signaling Potential for Price Rally
In a recent report by CoinGape, a mega whale has been on an accumulation spree over the past 24 hours, which may indicate that fortune is again beaming upon PEPE. At a time when the price of PEPE experienced a substantial decline, the whale implemented a discount strategy to acquire the tokens.
The crypto analytics platform Lookonchain indicates that a behemoth acquired $231.6 billion in approximately 24 hours. This significant accumulation, totaling $2.9 million, reinforces the whale's stance on memecoin.
The Lookonchain insight notes that the PEPE whale is not a newcomer to the token accumulation scenario. Since March 16, this whale has acquired 750.34 billion PEPE from Kraken at an average price of $0.00001111, equivalent to $8.34 million.
Purchasing PEPE at this time involves a distinctive wrinkle. Many will likely sell the tokens, as it has recently reached its All-moment High (ATH). PEPE has retraced 26.38% from its all-time high of $0.00001718 to its current price of $0.00001262.
One significant explanation for this whale action is that PEPE is confident in its ability to continue expanding from its current status. Although PEPE and other memecoins have made an astonishing leap this bull cycle, market analysts are optimistic that altcoins, known to outperform the broader market, have more upside potential.
The whale has entered a unique atmosphere for a long-term hold, as PEPE has decreased by 9.64% over the past week. PEPE remains a significant preference for memecoins in play to retest their ATH shortly.
Memecoin Ecosystem Thrives as Market Cap Surges 1.95%, Driven by PEPE and DOGE Gains
In addition to PEPE, the memecoin ecosystem is expanding exceptionally favorably. The market capitalization of the memecoin world has increased by 1.95% in the past 24 hours, reaching $58,794,310,811.
The 0.6% increase in Dogecoin (DOGE) to $0.1477, the 1.82% increase in PEPE to $0.00001268, and the 0.77% increase in dogwifhat (WIF) to $2.769 were the driving forces behind this growth. The expansion ofFLOKI's BNB Chain holders beyond the 417,000 threshold is one of the most significant milestones in the ecosystem.
Additionally, other tokens have incorporated a distinctive innovation, such as Shibarium for Shiba Inu and TokenFi for Floki, contributing to the increase in demand. Although PEPE is still generally deficient, it has developed into a highly dedicated community hungry for long-term dethronement of SHIB and DOGE.
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