PEPE, one of the most popular meme coins, is finally poised for a big bounce. The token recently hit a massive whale accumulation of 231 billion tokens.
The purchase occurred at a time when PEPE prices had fallen significantly. Lookonchain, a cryptocurrency analytics platform, reported that PEPE whales purchased 231.6 billion tokens in 24 hours. This news was reported on Lookonchain’s official X account.
The whale’s accumulation cost was $2.9 million, making the trader one of the world’s largest PEPE holders. This is not the first time whales have been linked to large-scale token accumulation.
Since March 16, unknown buyers have purchased 750.34 billion tokens. This token, worth $8.34 million, has an average price of $0.00001111. Buying cryptocurrencies after a price drop is natural, but the recent moves have a unique twist.
This is because most holders are likely to sell PEPE, given that the coin has recently reached an all-time high (ATH). After reaching $0.00001718, the coin fell 26.38% to $0.00001265.
One explanation for this move could be the market confidence PEPE has gained. This trend may help the meme coin break away from its current resistance level. Cryptocurrency analysts are showing tremendous optimism not only about PEPE, but also most of the meme tokens on the market.
In the past week alone, PEPE has lost 9.64% in value, setting the stage for traders to take long-term holding positions. This coin is one of the most popular meme tokens that can touch all-time highs.
The coin is currently trading at $0.00001265 (at the time of writing) and is up 4.47% in the last 24 hours. Based on market capitalization alone, PEPE ranks 23rd among the best cryptocurrencies. However, its 24-hour trading volume ranks 8th among the most popular cryptocurrencies.