Pepecoin (PEPE) traders appear to be maintaining a strong bullish sentiment despite the recent price correction. Interestingly, on-chain analytics tool Lookonchain revealed that three major “whale” investors began accumulating significant amounts of PEPE tokens early this week during the token’s nearly 50% price cut. This seems to indicate optimism for a potential uptick in the token’s value in the weeks to come.
It is worth noting that Lookonchain reported a wallet, dubbed 0x50C1, withdrew an impressive 1.4 trillion PEPE tokens (valued at $2.76 million) from Binance when the price dipped to $0.000002054. Additionally, wallets 0x2Baa and 0x3AE8 were cited as purchasing sizable amounts of PEPE tokens, with each purchase valued well into hundreds of thousands of dollars. These large acquisitions may suggest that prominent investors are finding opportunities amid the price correction.
According to CoinGecko data, PEPE has seen over $420 million traded within the past 24 hours as prices experienced a steep decline before recovering. Interestingly, trading volumes appear to have migrated from decentralized exchange Uniswap to Binance, which recently listed the token in its Innovation Zone. In the past day alone, Binance was responsible for more than $160 million worth of Pepecoin trading, compared to Uniswap’s $55 million. This shift is likely due to the increased accessibility and significantly lower fees per trade on Binance, considering Uniswap’s average fee of $35 per PEPE trade as of Wednesday.
On another positive note, data from DEXTools indicates that the number of unique PEPE token holders exceeded the 100,000 mark this Tuesday. This growth in buying activity amidst a price decline could signal an upcoming reversal for the meme coin in the forthcoming weeks.
The largest Pepecoin holders currently possess unrealized profits ranging from $4 million to $9 million, according to the data. This demonstrates the strong potential for substantial profits within the PEPE market, making it a possible area of opportunity for investors undeterred by the token’s recent price fluctuations.
In conclusion, while the characteristic volatility of the cryptocurrency space remains clear, the Pepecoin market continues to present opportunities for investors with a high risk tolerance. With whale investors accumulating vast quantities of the token during price corrections, it seems that bullish sentiment remains prevalent for the time being.
Source: Coindesk
