PEPE Price: Investors Accumulate 650 Bln Pepe Coin, More Steam Left?

Pepe coin accumulations have emerged as an ongoing trend amidst this year’s remarkable bull run experienced by the frog-themed meme token. Today, May 11, data from an analytics platform revealed that a staggering 650 billion PEPE was purchased by crypto market investors, igniting a flurry of optimism on the meme cryptocurrency’s future price movements.

Pepe coin surged from a slumping low of $0.0000009 to a peak of $0.0000099 in March this year, defying market expectations and birthing usual sentiments that the token might be due for a correction. However, PEPE accumulations in recent days, either by whales or investors, have been evaluated to be in trillions, adding a layer of intrigue to the token’s price action ahead.

Here’s an in-depth report on Pepe coin’s current market statistics and price movements.

PEPE Accumulations- ‘The Hot Trend’ of Crypto Realm

According to the data streamlined by LookOnChain, investors bought 649.16 billion PEPE in the past 24 hours, with four unknown addresses primarily scooping up massive amounts of Pepe coin from exchanges. The address 0xa145 withdrew 350 billion PEPE, worth $3,44 million, from Binance, one of the most renowned CEXs. It’s worth noting that this address is good at swing trading and has been reported to have a profit of $2.66 million with the frog-themed meme coin.

Meanwhile, the address 0xa4Fd bought 123.66 billion PEPE with 1.09 million USDC. Simultaneously, the addresses 0x895f and 0x24E3 purchased 101 billion and 74.5 billion PEPE, respectively.

These massive accumulations amid the token’s continued upward momentum have fueled a torrent of optimism about PEPE’s potential to offer further gains. Nonetheless, PEPE’s price appears to have experienced a highly turbulent action in the past 24 hours.

Also Read: Spot Ethereum ETF: ARK 21Shares Updates Application, No Staking

Pepe Coin’s Price Fluxes

As of writing, PEPE’s price tumbled 0.27% to rest at $0.00000867, with the token’s chart showing trading in both red and green territories. The 24-hour lows and highs are $0.000008219 and $0.000008906, respectively, illustrating a period of sideways trading.

CoinGape Media earlier reported that a whale bagged roughly 350 billion PEPE yesterday, despite the token’s consolidation, which can be seen in broader charts. This further adds to the optimism about Pepe coin’s future price movements, underscoring the presence of buying pressure for the token in the market.

Coinglass data at press time showcased a 1.64% surge in PEPE’s open interest, reaching $98.81 million, whereas derivatives volume dipped 0.32% to $822.18 million. This could further be driving the meme coin’s short-term volatility, although coupled with the massive accumulations in recent days and a yet-to-come post-BTC halving rally, market sentiments remain optimistic on Pepe coin’s long-term prospects.

Also Read: US State Department Assures Support for Detained Binance Employee in Nigeria

The post PEPE Price: Investors Accumulate 650 Bln Pepe Coin, More Steam Left? appeared first on CoinGape.