Cryptocurrency whales have been quite active lately. Especially Pepecoin (PEPE) traders seem unaffected by the recent price correction. Because traders are actively accumulating more tokens. On-chain analytics platform Lookonchain pointed out that the three big owners known as whales have started accumulating PEPE tokens after a nearly 50 percent price drop. Here are the details…
Cryptocurrency whales are accumulating PEPE
Pepe Coin (PEPE) investors were unaffected by the recent price correction. Moreover, they seem to expect a rise for the tokens in the coming weeks. Because they have been adding to their assets lately. On-chain analytics tool Lookonchain pointed to the movements of the three whales in a statement Tuesday. He said these investors started accumulating PEPE tokens earlier this week amid a nearly 50 percent price drop. “3 whales started buying PEPE after the price dropped,” Lookonchain said in a tweet. He also used the following expressions:
0x50C1 pulled 1.4 trillion PEPE ($2.76 million) from Binance when the price was $0.000002054. 0x2Baa bought 223 ETH ($412,000) and 212 billion PEPE ($429k) at $0.000001942. 0x3AE8 bought 450 ETH ($831k) and 424 billion PEPE ($864k) at $0.000001957.
3 whales started to buy $PEPE after the price dropped.
0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.
0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.
0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI
— Lookonchain (@lookonchain) May 9, 2023
PEPE coins also going to Binance
CoinGecko data indicates that PEPE has traded over $420 million in the last 24 hours. Also, the platform shows that prices are falling rapidly before recovering. The data also shows that trading volumes are shifting from decentralized exchange Uniswap to crypto exchange Binance. Because, as we reported as Kriptokoin.com, Binance added PEPE to the Innovation Category last week. In the past 24 hours, Binance has seen over $160 million of PEPE traded, compared to $55 million on Uniswap.
One possible reason for this is greater accessibility for individual traders. Plus network demand and an overall wage increase. As of Wednesday, it averages $35 per PEPE trade on Uniswap. Compared to this, there are significantly lower fees per transaction on Binance. DEXTools data, on the other hand, shows PEPE owners passed the 100,000 user milestone on Tuesday. This indicates continued buying activity despite the price drop. It also means a possible “reversal” for the meme coin in the coming weeks, according to experts.
As a result, the data shows that the largest PEPE holders made unrealized profits of $4 million to $9 million. CoinGecko data shows trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance.
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