In an attention-grabbing development witnessed today, June 3, despite Pepe coin already being on a phenomenal bull run, a fresh wallet has accumulated staggering amounts of PEPE from Binance, birthing market sentiments of more potential price gains in the pipeline. Notably, approximately 202 billion coins were bought against the backdrop of a weekly pullback in PEPE price.
The anticipation among crypto market participants is palpable, as they interpret this as a bullish sign. Despite sentiments that PEPE has reached its peak, the increased investor confidence in the asset suggests that the meme coin still has room to grow.
Let’s delve deeper into the frog-themed crypto’s massive accumulation and current market statistics.
PEPE Purchase From Binance Ignites Bullish Market Sentiments
According to data revealed by the on-chain analytics platform Whale Alert, 202.4 billion PEPE was withdrawn from Binance by a new wallet address, 0x5077. The accumulation, illustrating coins worth $3.07 million bought, happened via two transactions.
Intriguingly, Pepe coin has already defied market expectations, hitting new ATHs and surging to unprecedented levels amidst this year’s bull cycle. The massive accumulation surfacing amid this upswing has further added a bullish splash to the meme-based token.
However, it is worth noting that PEPE dumps have also surfaced in the market recently, adding a layer of intrigue to the matter. This might be due to investors’ profit-taking behavior, as PEPE has rallied phenomenally, worth 96% over the past month.
Whereas, PEPE’s price traded notably in the green territory today as well.
Also Read: Coinbase Follows Ripple & a16z With $25M Donation To Fairshake Crypto PAC
PEPE Price Soars
As of writing, PEPE’s price has rallied 2.80% in the past 24 hours and is currently trading at $0.00001519. Its 24-hour lows and highs are $0.00001394 and $0.00001547, respectively.
Coinglass data underscored a strong market uptrend for PEPE at press time, with futures OI surging 1.63% to $169.12 million, followed by a derivatives volume upswing of 37.49% to $916.90 million. This data has painted an optimistic portrait of PEPE’s price movements in the market.
Moreover, the RSI added on to the token’s bullish take, resting near 63. This further hinted that the meme-based investment product has yet to enter an overbought territory, with potentially more room for gains left.
Coupled with the massive accumulation mentioned above, Pepe coin’s market statistics have aided the token in taking a bullish stage among crypto market traders and investors globally.
Also Read: Crypto Exchange OKX Launches in the Netherlands After Binance’s Exit
The post PEPE Price Soars As Fresh Wallet Scoops 202 Bln Coins From Binance, More Gains Ahead? appeared first on CoinGape.
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