Whale Bags 357B PEPE Signaling Further Gains Ahead

Pepe Coin has once again emerged on the radar of crypto market investors as whale data surfacing within the market illustrated a massive accumulation despite the token’s continued upward momentum. In a post shared on X by the on-chain analytics platform Lookonchain, it was brought to attention that a staggering 357 billion PEPE was accumulated from Binance, one of the world’s leading cryptocurrency exchanges, amid a nearly 3% price upswing noted by the frog-themed meme token in the past 24 hours.

Coming in tandem with roughly 16% weekly gains for PEPE, this accumulation has further fueled a flurry of market optimism surrounding a potential sustained rising price action for the meme coin in the long run. Here’s a deeper dive into the accumulation and PEPE’s current market statistics.

PEPE Accumulation Despite Price Upswing Stirs Optimism

According to Lookonchain’s insights, 357.34 billion PEPE, worth $2.9 million, was noted to have been accumulated by a fresh wallet address, 0x4f0178, today, May 9. This massive accumulation by a new address has stirred speculations over the whale’s confidence in the asset’s future despite a continued rising price trajectory in recent days.

The new wallet currently holds only one token, PEPE, per data by Etherscan, a blockchain explorer. Meanwhile, a recent report by CoinGape Media further spotlighted that a smart money was noted to be accumulating 143 billion PEPE, adding to the token’s optimistic buzz in the broader crypto market.

Another report shows that a staggering 4 trillion Pepe coin was accumulated earlier this month. Collectively, the abovementioned on-chain data has ignited immense investor optimism surrounding PEPEs future price movements.

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PEPE Price Soars

Meanwhile, at the time of writing, PEPE’s price jotted an uptick of 4.20% in the past 24 hours and is currently trading at $0.0000081. Its 24-hour lows and highs are $0.000007629 and $0.00000848, respectively, illustrating a highly volatile movement.

The market cap rose 4.16%, reaching $3.41 billion, followed by a 34.08% jump in the token’s 24-hour trading volume, reaching $792.02 million. Coinglass, a cryptocurrency futures trading & information platform, illustrated a dip of 5.56% in PEPE’s open interest, reaching $86.98 million, whereas the derivatives volume surged 45.62%, reaching $800.63 million.

This somewhat rationalizes PEPE’s turbulent price action, although the broader charts illustrate an uptrend for the frog-themed meme coin with weekly gains of 16.44%. Besides, the RSI hovers at 57, hinting that the asset is riding a neutral market wave.

Bulls and Bears appear to be currently battling to control the token, with PEPE’s short-term prospects being uncertain. Nonetheless, the massive accumulations paint an optimistic portrait for the Pepe coin in the long run.

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