The leading meme coin is Pepe Coin (PEPE) has gained significant traction, rising more than 14% today. This price increase coincides with the increasing interest of whales, known as large owners. Additionally, recent derivatives data showed investors shifting their focus to Pepe Futures, reflecting investors’ growing confidence in crypto.
Pepe the Whale Accumulates Coin Heavily
In recent developments, on-chain transaction tracking platform Spot On Chain has shed light on significant whale activity surrounding meme coin PEPE. According to the latest reports, whales are actively accumulating PEPE Coin. This signals a significant shift in market sentiment.
Spot On Chain’s findings highlight a significant withdrawal of PEPE tokens by a leading whale identified as 0x546. Whale has withdrawn 331.3 billion PEPE tokens from Binance, amounting to approximately $2.24 million, at a rate of $0.00000675 per token.
Meanwhile, what makes this trade significant is the relationship between whale 0x546 and another Smart trader named 0x1c6. It turned out that both accounts were using the same Binance deposit address.
Notably, this smart trader named 0x1c6 had sold all of his UNI holdings before the significant price drop on April 10, 2024 and earned a significant return on investment of 70.7%, making a profit of approximately $6.99 million.
A Closer Look at the Latest Developments
The coordinated activity of whale 0x546 and Smart trader 0x1c6 resulted in the withdrawal of 660.7 billion PEPE tokens from both Binance and MEXC exchanges. These transactions occurred at an average rate of approximately $0.00000692 per token over the last three days.
This increase in whale activity indicates increasing interest in PEPE among high-volume traders. The fact that these organizations have accumulated large amounts of the PEPE token supports the future bullish expectations of the coin and sparks further speculation and interest among traders.
of whales cryptocurrency Their impact on the market serves as important indicators for investors. Accumulation of PEPE tokens by leading organizations such as Whale 0x546 and smart Trader 0x1c6, meme coinIt may indicate an upcoming uptrend in the value of and generate more speculation and interest among traders.
Additionally, CoinGlass data showed that Pepe Futures Open Interest increased by 13.89% to $66.94 million. This increase reflects traders’ increasing confidence in the future of the meme coin.
However, Pepe Coin price increased by 14.16%. It is currently trading at $0.000006953. At the same time, transaction volume increased by 10.7% to $1.07 billion. In the last 24 hours, the frog-themed meme coin traded between a high of $0.000007149 and a low of $0.000005989.
