10.21 Trillion PEPE in 24 Hours, What’s Happening?

by

As a seasoned researcher with years of experience in the ever-evolving crypto market, I find myself intrigued by the latest developments surrounding PEPE. With its unique blend of meme culture and market dynamics, it’s always a fascinating study to dissect.

Today, PEPE is grabbing attention as several cryptocurrencies strive to preserve their upward trajectory from the last 24 hours. However, contrary to the general trend, PEPE dipped during early market trades. Currently, a single PEPE coin is being traded at approximately $0.00000718, representing a 3.68% decrease over the past day. Earlier, it had surged by more than 5%.

As a researcher, I’ve noticed an interesting trend with the PEPE whales. Leveraging the dip in the market, they’ve significantly increased their activity on the token. According to data from IntoTheBlock (ITB), the number of large PEPE transactions has skyrocketed by over 131% within the past 24 hours. This surge has led to a staggering $76.3 million in whale transactions over this period.

Looking beyond these specific figures, a total of 10.21 trillion PEPE were highlighted in the significant increase (or “whale boost”) within a 24-hour span. Transactions labeled as “whales” by ITB, which are those valued above $100,000, accounted for 120 instances during this period, and over 200 such transactions were logged throughout the previous week.

PEPE has seen significant adoption by large investors, or “whales,” in recent weeks. It seems that these whales recognize the token’s current undervaluation. Despite the developers of PEPE not yet disclosing a major development roadmap to foster future growth within the ecosystem, long-term investors believe that PEPE is currently priced lower than its primary competitor, Shiba Inu (SHIB).

Based on information from ITB’s In and Out of Money data, approximately half (49%) of PEPE coin holders are currently making a profit. This translates to over 147,000 profitable holders, with an additional 32,000 wallets at the breakeven point. Interestingly, only around 39% or 115,280 addresses are in losses, making PEPE one of the most profitable meme coins in terms of profit distribution among its users.

This has reignited interest in the token among its whale investors. Despite PEPE‘s limited use cases, unlike SHIB‘s Shibarium, its potential might help PEPE to sustain a rally that its whales believe is imminent.

Read More

2024-09-11 18:42