With the frog-themed meme currency seeing an incredible bull run this year, Pepe coin accumulations have become a fad. On May 11, investors in the cryptocurrency market bought an astounding 650 billion PEPE, according to data from an analytics platform. This news caused investors to become extremely optimistic about the meme cryptocurrency’s potential price movements.
Pepe coin defied market expectations by rising sharply from a low of $0.0000009 to a high of $0.0000099 in March of this year, igniting popular belief that the token might be overdue for a correction. However, the recent trillion-dollar PEPE accumulations made by investors or whales have raised questions about the token’s future price movement.
This is a detailed analysis of Pepe coin’s price changes and market data.
PEPE Holdings: “The Hot Trend” in the Crypto World
According to the data simplified by LookOnChain, buyers bought 649.16 billion PEPE in the past 24 hours, with four unknown addresses predominantly scooping up massive sums of Pepe coins from exchanges. One of the most well-known CEXs, Binance, received a withdrawal of 350 billion PEPE, or $3,44 million, from the address 0xa145. It’s important to note that this address has a successful swing trading history and reportedly made $2.66 million with the frog-themed meme coin.
In the meantime, the address 0xa4Fd used 1.09 million USDC to purchase 123.66 billion PEPE. At the same time, the addresses 0x895f and 0x24E3 bought 101 billion and 74.5 billion PEPE, respectively.
Massive accumulations, in conjunction with the token’s ongoing upward trend, have generated great excitement regarding PEPE’s potential for future gains. However, PEPE’s price has moved erratically over the last day.
Pepe Coin’s Price Fluxes
The price of PEPE fell by 0.27% as of this writing, closing at $0.00000867. The token’s chart indicates it is moving in red and green areas. A period of sideways trading is shown by the 24-hour lows and highs, which are $0.000008219 and $0.000008906, respectively.
Despite the token’s consolidation, as visible on more extensive charts, Media revealed that a whale acquired almost 350 billion PEPE yesterday. This further adds to the optimism about Pepe coin’s future price movements, underscoring the presence of buying pressure for the token in the market.
Coinglass data at press time highlighted a 1.64% spike in PEPE’s open interest, reaching $98.81 million, although futures volume declined 0.32% to $822.18 million. This could further fuel the meme coin’s short-term volatility, although paired with the enormous accumulations in recent days and a yet-to-come post-BTC halving rebound, market emotions remain optimistic on Pepe coin’s long-term potential.
