PEPE

Shiba Inu

The PEPE

Trillion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
PEPE is making headlines today as many altcoins fight to maintain their recorded uptrend over the past 24 hours. PEPE again&nbsp;<a href="https://coinmarketcap.com/currencies/pepe/">slipped</a> as it bucked the negative trend in early market trading. The meme coin is changing hands for $0.00000718, down by 3.68% in 24 hours after soaring by over 5% earlier.
The PEPE whales capitalized on this downtrend to go all out on the token.&nbsp;<a href="https://app.intotheblock.com/coin/PEPE/deep-dive?group=financials&amp;chart=largeTransactions">Per</a> data from IntoTheBlock (ITB), the large PEPE transaction count has jumped by more than 131% in 24 hours. Following this jump, $76.3 million worth of PEPE whale transactions has been shuffled in this time frame.
Zooming out from these metrics, 10.21 trillion PEPE were featured in the 24-hour whale boost. ITB defines whale transactions, as valued at more than $100,000. One hundred twenty such transactions were conducted during this period, and more than 200 were recorded over the past week.
PEPE is no alien to&nbsp;<a href="https://u.today/pepe-skyrockets-109-in-activity-metric-as-whales-react-to-new-listings">intense adoption by whales</a>, as recorded over the past few weeks. The idea is that many of these whales understand how underpriced the token is for now. While the PEPE developers have not revealed any major development path to give room for future ecosystem growth speculation, long-term HODLers are convinced that PEPE is undervalued compared to its closest rival, Shiba Inu (SHIB).
According to the In and Out of Money data from ITB, PEPE has about half, or precisely 49%, of its holders in profit. This is equivalent to more than 147,000 holders, with another 11.11% or 32,000 wallets at the breakeven point. With just 115,280 addresses in losses, or 39%, PEPE is among the most profitable meme coins.
This has reignited interest in the token among its whale investors. Despite PEPE's limited use cases, unlike SHIB's&nbsp;<a href="https://u.today/shibarium-on-verge-of-two-major-milestones-shib-rally-ahead">Shibarium</a>, its potential might help PEPE to sustain a rally that its whales believe is imminent.

10.21 Trillion PEPE in 24 Hours, What's Happening?

U_Today

Other articles published on Sep 11, 2024

Indodax Suffers Major Hack, $22 Million Worth of Crypto Reportedly Stolen From Its Hot Wallets

FBI Finds Crypto Fraud Losses Hit $5.6B in 2023, Up 45% from 2022

Top Analyst Downplays Panic Over Bitcoin ETF Underperformance

Crypto Stocks Drop as Harris Outshines Trump in Heated Debate, Market Eyes CPI Report

Telegram CEO Pavel Durov Released on €5M Bail Amid Serious Charges

MTS Detects Hundreds of Illegal Mining Farms in Russia

Join our free newsletter for daily crypto updates!