Whales are accumulating Pepe Coin in massive numbers, with significant withdrawals and buying recorded in the last 24 hours. This has sparked anticipation for a bullish PEPE price rally amid severe dips in the frog-themed meme coin. This comes days after a whale dumped billions of tokens in the market.
PEPE Coin Whales Are Buying the Dip
Two PEPE coin whales, with wallets Ox8f5 and Oxb1a accumulated 280 billion and 200.4 billion PEPE coins, respectively, as per Spot On Chain data. There is, however, a difference in their methods of accumulating the token. PEPE coin whale Ox8f5, for one, withdrew holdings worth approximately $5 million directly from Binance.
On the other hand, whale Oxb1a bought the holdings for 3.72 million USDC. Interestingly, whale Ox8f5 has incurred losses of almost $1.45 million from the token in the past.
Source: SpotOnChain
Whales are buying the dips considering the token has plunged sharply. No matter the objective, the community is now optimistic that a PEPE price surge is on the horizon with whales acting swiftly to accumulate the token when it is down on the price charts.
Current Effect on PEPE Price
Both PEPE coin whales accumulating billions of the frog-themed meme coin has had little effect on PEPE price at the moment.
PEPE price is down by 3.59% in the last 24 hours and is exchanging hands at $0.00001724. PEPE is also down by 17.93% in a week and 28.97% in the last month.
Meanwhile, open interests and 24-hour trading volume are up by 0.41% and 16.53%, respectively. Ongoing sentiments towards PEPE are bearish with an FGI of 62 points and volatility of around 10.13%, as per CoinCodex.
CoinGape analysis indicates PEPE coin to rally next, but it is equally important to note that the crypto market is highly volatile and prices can move in either direction based on multiple factors.
Recent PEPE Coin Whale Activity
A previous PEPE coin whale activity was reported last week, where the whale was seen dumping 85 billion coins. According to that report, PEPE coins were dumped into the market at an approximate value of 1.51 million USDC, thereby.
This went on to strengthen the speculation that more selloffs could happen, however whales are actually buying the dip now. This may help bring a positive upside momentum if the broader altcoin market recovers.
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