Crypto Whales Accumulate Millions in Pepecoin as Trading Volume Shifts to Binance

Subh Rath

May 17, 2023

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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