While the crypto market has received some blows in recent days, the popular meme coin Pepe (PEPE) could not escape it either. The new meme explosion that entered the crypto world last month has surged at an unprecedented rate by a lot fear of missing out (FOMO) as a result. On Friday, PEPE reached a market cap of $1.8 billion, but its market value has since fallen by 50%. After the huge increase, this is anything but a big surprise, but on chain data gives some bullish signals related to the big holders of the meme-coin.
PEPE whales accumulate
The on-chain analytics account Lookonchain announced on Twitter that three whales have started accumulating the meme hype to a great extent. This 3 mega holders have collectively invested nearly $4 million in PEPE, despite the share price drop of about 50%.
3 whales started to buy $PEPE after the price dropped.
0x50C1 w/drew 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
The identities of the three investors are not clear, but one of the three, known by the wallet address 0x50C1, withdrew a whopping 1.4 trillion PEPE tokens from Binance. This huge mountain of tokens carries a total value of no less than $ 2.76 million.
The top 15 PEPE whales collectively sit on potential winnings that currently total $92.6 million. This group of huge holders own more than 38 trillion tokens, which is equivalent to about 9% of the total supply.
Trading volume PEPE
Recently you could read in the crypto news that the daily trading volume of the token launched on April 15 has now surpassed big names such as BNB (BNB) and Litecoin (LTC).
Out data from Coingecko shows that PEPE has traded for more than $420 million in the last 24 hours. The data further shows that trading volumes have shifted from the decentralized exchange (DEX) Uniswap to Binance after the latter listed the token in its innovation zone last week.
Binance saw more than $160 million in PEPE trades in the last 24 hours compared to $55 million on Uniswap. Trading on the world’s largest crypto exchange is more accessible to crypto investors as transaction costs on the Ethereum (ETH) network are currently sky-high.