Given that a giant whale has been amassing wealth over the last day, PEPE may be luckier than before. The whale’s move coincides with a sharp decline in PEPE’s price, which sets the stage for a bargain move to bag the tokens.
Does the PEPE Price Fit a Whale?
Lookonchain, a cryptocurrency analytics website, revealed that a whale purchased 231.6 billion in less than a day. This enormous acquisition of $2.9 million cemented the position in the memecoin.
The PEPE whale is not a recent addition to the token accumulation arena, according to the Lookonchain analysis. This whale has purchased 750.34 billion PEPE, valued at $8.34 million, at an average price of $0.00001111 from Kraken since at least March 16.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.
The whale has bought a total of 750.34B $PEPE($8.34M) from #Kraken at an average price of $0.00001111 since Mar 16.https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
— Lookonchain (@lookonchain) June 9, 2024
Purchasing PEPE now has an extraordinary twist. Given that the token price has reached its All-Time High (ATH), many people are likely to sell their tokens at this time. PEPE has now retraced 26.38% from the ATH of $0.00001718 to its current price of $0.00001262.
The widespread belief that PEPE will continue to rise above its current level is one important factor in this behavior. Although PEPE and other memecoins have made significant gains during this bull cycle, market analysts believe that altcoins recognized for surpassing the overall market still have room to grow.
PEPE has lost 9.64% in the last week, creating a unique environment for the whale to enter and take a long-term hold. Memecoins in play continue to be firm favorites to retest their ATH shortly.
Positive Memecoin Market Profiling
The memecoin ecosystem is expanding at a very healthy rate, even outside of PEPE. In just one day, the market capitalization of meme coins increased to $58,794,310,811, a gain of 1.95%.
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 drove this gain. A significant turning point in the ecosystem has been the rise in FLOKI’s BNB Chain holders exceeding 417,000.
Other tokens have also adopted one novel idea to increase demand, such as TokenFi for Floki and Shibarium for Shiba Inu. Even though PEPE mainly falls short in this area, it has developed into a passionate group committed to overthrowing DOGE and SHIB in the long run.
