The leading frog-themed meme coin, Pepe Coin price has gained notable traction today, as witnessed by the surge of more than 14% in PEPE. Notably, the surge in its price comes amid growing interest from the large holders, also known as whales. In addition, the recent derivatives data suggested that the investors are also shifting their focus towards Pepe Futures, reflecting the growing confidence of the investors towards the crypto.
Whale Accumulates Pepe Coin Heavily
In recent developments, Spot On Chain, an on-chain transaction tracking platform, has shed light on significant whale activity surrounding the meme coin PEPE. According to their latest report, whales have been actively accumulating PEPE Coins, signaling a notable shift in market sentiment.
Spot On Chain’s findings highlight a substantial withdrawal of PEPE tokens by a prominent whale identified as 0x546. The whale withdrew a staggering 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 transaction particularly noteworthy is the connection between whale 0x546 and another Smart trader 0x1c6. It was revealed that both entities shared the same Binance deposit address.
Notably, Smart trader 0x1c6 had previously sold all UNI holdings before a significant price drop on April 10, 2024, realizing an estimated profit of $6.99 million, equivalent to a remarkable 70.7% return on investment.
Also Read: Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead
A Closer Look Into The Recent Developments
The combined activity of whale 0x546 and Smart trader 0x1c6 has resulted in the withdrawal of a staggering 660.7 billion PEPE tokens, valued at $4.57 million, from both Binance and MEXC exchanges. These transactions occurred at an average rate of approximately $0.00000692 per token over the past three days.
Meanwhile, this surge in whale activity underscores a growing interest in PEPE among high-volume traders. The coordinated efforts of these entities to accumulate significant amounts of PEPE tokens suggest a bullish outlook on the coin’s prospects.
As whales continue to assert their influence in the cryptocurrency market, their strategic maneuvers serve as key indicators for discerning investors. The accumulation of PEPE tokens by prominent entities like Whale 0x546 and Smart Trader 0x1c6 could signal a forthcoming uptrend in the meme coin’s value, prompting further speculation and interest among traders.
On the other hand, the CoinGlass data showed that the Pepe Futures Open Interest soared 13.89% to $66.94 million. The surge reflects the increasing confidence of the traders toward the meme coin’s future.
In addition, the Pepe Coin price also soared 14.16% and exchanged hands at $0.000006953 during writing. Simultaneously, its trading volume soared 10.7% to $1.07 billion. Meanwhile, the frog-themed meme coin has touched a high of $0.000007149 and a low of $0.000005989 in the last 24 hours.
Also Read: Ripple Locks 800M XRP Amid Massive XRP Movements, What’s Next?
The post Pepe Coin Massive Futures Buying Indicate Imminent PEPE Price Rally appeared first on CoinGape.
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