Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks.
On-chain analytics tool Lookonchain said on 9th May that three whales, a colloquial term for holders of large amounts of any tokens, started accumulating PEPE tokens earlier this week amid a nearly 50% price cut.
“3 whales started to buy $PEPE after the price dropped,” Lookonchain said in a tweet. “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,” the firm added, pointing to each individual wallet holding.
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CoinGecko data recorded PEPE’s trading volume to be over $199M in the past 24 hours. As of May 17, the price of PEPE reached $0.00000165, while ranking #66 in the market.
Binance has seen almost $160 million in pepecoin activity on May 10th, compared to $55 million on Uniswap. The increased accessibility for retail traders and substantially lower fees per trade on Binance are likely reasons for this, compared to an average of $35 per PEPE deal on Uniswap as of Wednesday, due to network demand and a general charge surge.
In other news, DEXTools data suggests that pepe token holders surpassed 100,000 unique holders on 9th May, signaling that buying activity will continue despite a price decrease and a likely reversal for the meme coin in the coming weeks.
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