Meme Coin Whales Massively Accumulate PEPE as Price Pumps
Release: 2024/11/06 16:09 Reading: 326
Whale Activity Accelerates as PEPE Meme Coin Soars
Amid the anticipation of Trump's potential victory in the US elections, various alternative cryptocurrencies and meme coins are experiencing a surge.
PEPE, a popular meme coin, has seen a significant price increase of 17% today. Blockchain data platform LookOnChain observed a surge in whale activity during this rally. Three major investors have transferred a substantial 835.6 billion PEPE tokens (valued at approximately $7.94 million) from Binance and Gate.io exchanges within the past hour.
Whales Accumulate $PEPE
- The largest transaction originated from a wallet ending in 51Cc, which withdrew 535.81 billion PEPE (approximately $5.09 million) from Binance.
- Another whale with an address ending in a586 acquired 163.37 billion PEPE ($1.44 million) from Binance.
- The third whale, with a wallet ending in d3B0, moved 135.45 billion PEPE ($1.3 million) from Gate.io.
Positive Market Signals
Significant whale activity often indicates a bullish sentiment in the cryptocurrency market. When large investors withdraw large sums of money from exchanges, it suggests they are not planning to sell in the near term. These tokens are likely being transferred to cold storage, reducing the supply of PEPE available for trading on exchanges. This could potentially reduce selling pressure in the market, benefiting current PEPE holders.
Market Volatility Remains
However, it is crucial to remember that the cryptocurrency market is highly volatile, particularly for meme coins. Despite whale activity, there is no guarantee of sustained price increases.
Stay connected to X (Twitter), CoinMarketCap, and Binance Square for the latest crypto updates.
Disclaimer:
This is a high-risk investment, and you should not expect to be protected if something goes wrong.
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