Despite a nearly 50% price cut, traders of Pepecoin (PEPE) remain unfazed and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks.
On-chain analytics tool Lookonchain revealed that three whales, or holders of large amounts of any tokens, started to accumulate Pepe tokens earlier this week. This accumulation of tokens by the whales, as reported by Lookonchain, has driven the price of Pepecoin upwards once again.
According to Lookonchain’s tweet, “3 whales started to buy $PEPE after the price dropped. 0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054. 0x2Baa bought 212B $PEPE ($429K) with 223 $ETH ($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE ($864K) with 450 $ETH ($831K) at $0.000001957.” The firm pointed to each individual wallet holding.
In the past 24 hours, Pepecoin has seen over $420 million traded as prices fell steeply before rebounding. Trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week. In the past 24 hours, Binance saw over $160 million worth of Pepecoin trading compared to $55 million on Uniswap. A likely reason for this is more accessibility for retail traders and significantly lesser fees per trade on Binance – compared to an average of $35 per PEPE trade on Uniswap as of Wednesday, due to network demand and a general fee spike.
DEXTools data also reveals that Pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks. The largest Pepecoin holders sit on unrealized profits of $4 million to as much as $9 million, the data show.
Overall, the recent price correction of Pepecoin has not deterred traders from investing in the token. With whales continuing to accumulate Pepe tokens and trading volumes shifting to Binance, Pepecoin’s future looks bright, and a bullish price action is expected in the coming weeks.
