Pepe Coin Whales On Massive Buying Spree, Price Uptick Ahead?

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A vast number of whales have been amassing Pepe Coins, showing considerable withdrawals and purchases over the last 24 hours. This activity has ignited excitement for an impending price surge of PEPE, as the frog-themed meme coin experiences notable declines. This follows closely on the heels of a whale offloading billions of tokens onto the market just recently.

PEPE Coin Whales Are Buying the Dip

Two significant PEPE coin investors, identified by wallet addresses Ox8f5 and Oxb1a, have amassed substantial holdings. Specifically, Ox8f5 has gathered around 280 billion PEPE coins, while Oxb1a has accumulated approximately 200.4 billion PEPE coins, according to Spot On Chain data. However, their methods of acquiring the tokens differ. Notably, wallet Ox8f5 transferred holdings valued at nearly $5 million straight from Binance.

In my analysis, I noticed a significant shift: Whale Oxb1a recently acquired assets worth approximately 3.72 million US Dollars. On a contrasting note, whale Ox8f5 has experienced losses of roughly $1.45 million with this particular token in the past.

Whales are taking advantage of the price drops by purchasing more PEPE tokens, as they have fallen significantly. This action has sparked enthusiasm among the community, who now believe that a rise in the price of PEPE is imminent. The whales are quickly scooping up the token when it appears to be low on the price graphs.

Current Effect on PEPE Price

At present, massive holders (whales) of the PEPE coin, themed after a popular meme, have not significantly influenced the current PEPE price.

In the past 24 hours, the price of PEPE has dropped by 3.59%, currently trading at $0.00001724. Over the past week, PEPE has experienced a decrease of 17.93%, and in the last month, it has fallen by 28.97%.

Currently, there’s a rise in open interest and trading volume by 0.41% and 16.53% respectively, according to the latest data. The general sentiment towards PEPE remains negative with an FGI of 62 points and a volatility level of approximately 10.13%, as reported by CoinCodex.

According to CoinGape’s assessment, the PEPE coin might surge ahead, yet it’s crucial to remember that the cryptocurrency market tends to be unpredictable. Factors influencing price movements can vary significantly, causing prices to potentially fluctuate up or down.

Recent PEPE Coin Whale Activity

Last week, it was reported that a significant PEPE coin holder, often referred to as a ‘whale’, disposed of approximately 85 billion coins. This action, as stated in the report, equated to around $1.51 million USD in total value, thus causing the coins to flood the market.

This development adds fuel to the theory that further price drops might occur, but surprisingly, the ‘whales’ are currently taking advantage of the dip by purchasing. If the overall altcoin market rebounds, this could potentially trigger a favorable upward trend.

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2025-01-13 10:03