PEPE, the memecoin inspired by the iconic Pepe the Frog, continues to attract significant whale activity despite a slight dip in its price. According to Arkham monitoring, two addresses associated with the same Kraken deposit account recently withdrew 536.53 billion PEPE tokens, valued at approximately $9.38 million, between 22:16 and 22:17 UTC+8.
These addresses, 0x68…869B and 0xBE…CCc3, currently holds a combined total of 1,261.914 billion PEPE tokens worth $22.08 million, underscoring the influence of large holders on the coin’s trajectory.
PEPE’s Price Actions
At the time of writing, PEPE is trading at $0.00001763, reflecting a 1.58% decline in the last 24 hours.
The global market cap stands at $7.41 billion, while the 24-hour trading volume has dipped by 17.85%.
Despite the short-term price drop, bullish sentiment surrounding PEPE remains strong, largely driven by significant whale accumulation.
Whale Activity on the Rise
Earlier reports from Lookonchain revealed aggressive whale-buying behaviour. Two wallets, likely owned by the same individual, spent 4.89 million USDC to acquire 190.14 billion PEPE tokens at an average price of $0.00002572 within just six hours. Additionally, another report highlighted a whale withdrawing 337.09 billion PEPE, valued at $6.92 million, from Binance over the past 20 days.
These large-scale acquisitions have sparked discussions among investors and analysts about the potential upward momentum of PEPE’s price. The active involvement of whales, coupled with consistent accumulation across new and existing wallets, has fueled optimism in the market.
Bullish Predictions from Analysts
The influx of whale purchases and strategic accumulation has caught the attention of prominent crypto analysts. Javon Marks, a well-known figure in the space, recently tweeted about PEPE’s growing momentum, suggesting that its price could nearly double in the coming days. This prediction aligns with the bullish sentiment circulating in the market, as whales continue to consolidate their positions.
A Year of Remarkable Growth
PEPE’s journey in 2024 has been nothing short of extraordinary. The token’s market cap surged to $11 billion, surpassing Uniswap’s UNI in the rankings. This marks an 18x growth from its modest $591 million market cap at the beginning of the year.
Such rapid growth has positioned PEPE as one of the standout performers in the meme coin category, gaining attention from both retail investors and institutional players.
Despite the bullish outlook, PEPE faces challenges in maintaining its momentum. The decline in trading volume and slight drop in price signal potential volatility ahead. However, the significant whale activity suggests continued confidence in the token’s long-term prospects.
As PEPE continues to make waves in the crypto market, all eyes are on its next moves. Whether driven by meme culture or strategic investments, PEPE remains a token to watch in the dynamic world of cryptocurrency.