Fortune might be smiling to PEPE once again as a mega whale went on an accumulation spree over the past 24 hours. This maneuver from the whale comes at a time when the price of PEPE dropped significant, setting a discount move to bag the tokens.
PEPE Price Right For Whale?
According to insights shared by the crypto analytics platform Lookonchain, a whale bought 231.6 billion in about 24 hours. This massive accumulation comes in at $2.9 million, solidifying the position the whale has been taking in the memecoin.
The Lookonchain insight noted that the PEPE whale is not new to the token accumulation scene. Since at least March 16, this whale has bought a total of 750.34 billion PEPE valued at $8.34 million from Kraken at an average price of $0.00001111.
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
Buying PEPE at this time comes with a very unique twist. This is because this is the time many are likely to sell the tokens considering the fact that it recently attained its All-Time High (ATH). From the ATH of $0.00001718, PEPE has now retraced by 26.38% to its current price at $0.00001262.
One major explanation for this whale action is that there is a major trust in PEPE to continually grow from its current level. Despite the impressive leap from PEPE and other memecoins this bull cycle, market analysts are optimistic that more upside lie ahead for altcoins known to outperform the broader market.
Over the past week, PEPE has dropped by 9.64%, setting a unique ambience for the whale to make a entry for a long-term hold. For memecoins in play to retest their ATH soon, PEPE remains a major favorite.
Bullish Profiling for the Memecoin Market
Beyond PEPE, the memecoin ecosystem is growing at a very positive pace. The memecoin world has grown its market cap to $58,794,310,811, up by 1.95% in 24 hours.
This growth was fueled by the 0.6% surge in Dogecoin (DOGE) to $0.1477, 1.82% jump in PEPE to $0.00001268 and the 0.77% surge in dogwifhat (WIF) to $2.769. Among the key milestones in the ecosystem is the growth in FLOKI’s BNB Chain holders above the 417,000 mark.
Other tokens have also implemented one unique innovation like Shibarium to Shiba Inu and TokenFi to Floki, helping to boost demand. While PEPE is still generally lacking in this regard, it has grown to become a very dedicated community with passion to dethrone SHIB and DOGE in the long term.
Read More: FLOKI Celebrates 417,400 Holder Milestone, Plots Mega Move In India
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
