PEPE Whale 4 Trillion Token Accumulation Coincides With Price Rally
Trending cryptocurrency, PEPE has caught investors’ attention as an unknown whale accumulates a substantial amount of the token, up to the tune of 4 trillion earlier today. The unexpected move has sparked discussion among market participants, guessing the reason behind the action. This transfer is particularly interesting because it comes amid the ongoing PEPE coin price rally.
The global crypto market is currently experiencing a price reversal today May 3 after a short period of price decline that saw the total market value drop more than 3% over the last week. The price of Bitcoin, the flagship cryptocurrency, has grown by an impressive 4.26% to trade at $61,775. Similarly, Ethereum, the second-largest cryptocurrency by market cap has recorded gains of 3.22% over the last 24 hours, currently changing hands at $3,080.
Pepe coin has capitalized on this notable growth by surging almost 7% over the last day. With the price movement, whales are taking advantage by amassing significant amounts of the token. Let us take a look at the transaction in detail.
4 Trillion Pepe Coins on the Move
WhaleAlert, a prominent cryptocurrency transaction tracker reported that it had spotted massive movement of PEPE coins between wallets. According to the report, about six hours ago from press time, the whale shifted exactly 4,049,371,347,309 PEPE tokens from the Turkey-based Paribu exchange to a wallet labeled ‘unknown.’
4,049,371,347,309 #PEPE (31,091,073 USD) transferred from #Paribu to unknown wallethttps://t.co/tVYqZmNPH2
— Whale Alert (@whale_alert) May 3, 2024
Accumulations of such magnitude from centralized exchanges to wallets often signify confidence in a project as it could reflect large investors amassing cryptocurrencies at discounted prices for long-term holding. Following this, the price of PEPE surged by a remarkable 7%. Meanwhile, a well-known meme coin whale had previously amassed enormous holdings of Pepe Coin futures, which further increased the token’s bullish outlook in the market.
PEPE Price Update
The price of PEPE has surged to impressive heights in the last 24 hours. According to fresh data from CoinMarketCap, PEPE is currently trading at $0.000008015 representing a 4.72% increase at the time of writing. What is more, the trading volume of the memecoin has reduced by 22.4% within the recorded time to $1.12 billion. Consequently, PEPE now occupies the #30 position on the crypto market chart with a live market cap of $3.37 billion.
Pepe coin’s open interest increased significantly by 8.90% to $78.95 million, according to Coinglass data, while derivatives volume increased by 9.14% to $1.28 billion. This suggested a significant uptick in market activity, which was supported by growing investor interest.
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