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PEPE is poised for a significant rebound after a substantial whale accumulation observed in the past 24 hours. Is a PEPE rally imminent?
Fortune might be smiling on PEPE once again as a mega whale went on an accumulation spree over the past 24 hours. This maneuver from the whale comes at a time when its price dropped significantly, creating a discount opportunity to bag the tokens.
PEPE Price Attracts Whale’s Interest
According to insights from the crypto analytics platform Lookonchain, a notable PEPE whale made a substantial purchase of 231.6 billion PEPE tokens within 24 hours, amounting to $2.9 million.
This significant accumulation underscores the whale’s ongoing strategy to consolidate their position in the memecoin market.The Lookonchain report highlighted that this whale has been active in accumulating PEPE tokens since at least March 16.
Over this period, the whale has acquired a total of 750.34 billion tokens, valued at $8.34 million. The average purchase price for these tokens from the Kraken exchange has been $0.00001111 per token.
Investing in PEPE at this time indeed carries unique dynamics. Following its recent All-Time High (ATH) of $0.00001718, the token has retraced by 26.38% to its current price of $0.00001262.
This significant drop suggests a phase where many investors might be selling off their holdings, a common phenomenon post-ATH as investors seek to lock in profits.
However, the ongoing interest from large holders, or “whales,” indicates a strong belief in the token’s potential for further growth. Market sentiment, particularly among those who believe in the long-term prospects of memecoins, remains positive.
Analysts suggest that the altcoin market, including tokens like PEPE, could see further gains, outperforming broader market trends in this bull cycle.
Over the past week, it has dropped by 9.64%, creating an opportune environment for whales to make a long-term entry. Among memecoins poised to retest their ATH soon, PEPE remains a top favorite.
Memecoin Market: A Bullish Profile
Expanding beyond PEPE, the memecoin landscape is experiencing significant growth. The overall market cap has reached $58,794,310,811, marking a 1.95% increase in the past 24 hours.
This growth is attributed to a 0.6% rise in Dogecoin (DOGE) to $0.1477, a 1.82% increase in PEPE to $0.00001268, and a 0.77% surge in dogwifhat (WIF) to $2.769. Noteworthy achievements in the ecosystem include FLOKI’s BNB Chain holders surpassing the 417,000 milestone.
Other tokens have introduced unique innovations such as Shibarium for Shiba Inu and TokenFi for Floki, which have contributed to increased demand.
While PEPE currently lacks such innovations, it has cultivated a highly dedicated community with a strong desire to challenge SHIB and DOGE in the long term.
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