Pepe Coin has once again emerged on the radar of crypto market investors as whale data surfacing within the market illustrated a massive accumulation despite the token\u2019s continued upward momentum. In a post shared on X by the on-chain analytics platform Lookonchain, it was brought to attention that a staggering 357 billion PEPE was accumulated from Binance, one of the world\u2019s leading cryptocurrency exchanges, amid a nearly 3% price upswing noted by the frog-themed meme token in the past 24 hours.<\/p>\n
Coming in tandem with roughly 16% weekly gains for PEPE, this accumulation has further fueled a flurry of market optimism surrounding a potential sustained rising price action for the meme coin in the long run. Here\u2019s a deeper dive into the accumulation and PEPE\u2019s current market statistics.<\/p>\n
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PEPE Accumulation Despite Price Upswing Stirs Optimism<\/h2>\n
According to Lookonchain\u2019s insights, 357.34 billion PEPE, worth $2.9 million, was noted to have been accumulated by a fresh wallet address, 0x4f0178, today, May 9. This massive accumulation by a new address has stirred speculations over the whale\u2019s confidence in the asset\u2019s future despite a continued rising price trajectory in recent days.<\/p>\n
The new wallet currently holds only one token, PEPE, per data by Etherscan, a blockchain explorer. Meanwhile, a recent report by CoinGape Media further spotlighted that a smart money was noted to be accumulating 143 billion PEPE<\/a>, adding to the token\u2019s optimistic buzz in the broader crypto market.<\/p>\n Another report shows that a staggering 4 trillion Pepe coin was accumulated<\/a> earlier this month. Collectively, the abovementioned on-chain data has ignited immense investor optimism surrounding PEPEs future price movements.<\/p>\n <\/p>\n <\/p>\n Also Read: Canaan Launches New Bitcoin Mining Machine Avalon A15 Series, What\u2019s Next?<\/a><\/strong><\/p>\n Meanwhile, at the time of writing, PEPE\u2019s price<\/a> jotted an uptick of 4.20% in the past 24 hours and is currently trading at $0.0000081. Its 24-hour lows and highs are $0.000007629 and $0.00000848, respectively, illustrating a highly volatile movement.<\/p>\n The market cap rose 4.16%, reaching $3.41 billion, followed by a 34.08% jump in the token\u2019s 24-hour trading volume, reaching $792.02 million. Coinglass, a cryptocurrency futures trading & information platform, illustrated a dip of 5.56% in PEPE\u2019s open interest<\/a>, reaching $86.98 million, whereas the derivatives volume surged 45.62%, reaching $800.63 million.<\/p>\n <\/p>\n This somewhat rationalizes PEPE\u2019s turbulent price action, although the broader charts illustrate an uptrend for the frog-themed meme coin with weekly gains of 16.44%. Besides, the RSI hovers at 57, hinting that the asset is riding a neutral market wave.<\/p>\n Bulls and Bears appear to be currently battling to control the token, with PEPE\u2019s short-term prospects being uncertain. Nonetheless, the massive accumulations paint an optimistic portrait for the Pepe coin in the long run.<\/p>\nPEPE Price Soars<\/h2>\n
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