Pepe

PEPE

Buyers are dominant for Pepe (PEPE), turning it into the most traded meme asset. Pepe (PEPE) is also back in accumulation mode, with whales deliberately building significant holdings.&nbsp;
Pepe (PEPE) is a meme token encouraging holding and ‘eating zeros’. In the past weeks, PEPE is back in accumulation mode, with signs of inflows to old and known whale wallets. PEPE also remains a tradable token, which has gone through several short-term booms, allowing traders to buy back new positions in preparation for the next rally.&nbsp;
Also Read: <a href="https://www.cryptopolitan.com/5-meme-coin-presales-that-could-net-100x-gains/?_rt=NHwxfHBlcGV8MTcyMTkxMjAyOQ&amp;_rt_nonce=bb0ac048a7" rel="noopener noreferrer nofollow">5 Meme Coin Presales That Could Net 100x Gains</a>
Additionally, a so far unidentified private wallet became the biggest PEPE buyer for the past day. The tokens were acquired on the <a href="https://etherscan.io/token/0x6982508145454ce325ddbe47a25d4ec3d2311933?a=0x0529ea5885702715e83923c59746ae8734c553b7" rel="noopener noreferrer nofollow" target="_blank">spot market</a>, originating from the EU-based Bitpanda market. Several smaller whales also bought PEPE for another $17M in total. Overall, 612K buyers increased their PEPE holdings in the past week, while sellers were around 420K.
Additional data shows recent PEPE buying is a trend, bringing a mass inflow of whales with large buying <a href="https://x.com/BrianGarrett/status/1816445738034831533" rel="noopener noreferrer nofollow" target="_blank">orders</a>. The recent buying is raising hopes that PEPE will soon flip Shiba Inu (SHIB). The asset surpassed the recent hype for DogWifHat (WIF). Additional buyers may flow into PEPE if it moves to a lower range, or ‘adds a zero’, until the price recovers for another 10X.
The accumulation and signs of buying is working against the fears that PEPE may soon face selling pressure. Big whale buyers from OKX have appeared in the past two quarters, and there are warnings of PEPE being prepared to sell at the right price.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whales continue to accumulate <a href="https://twitter.com/search?q=%24Pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$Pepe</a>
 This wallet accumulated 81.4 billion <a href="https://twitter.com/search?q=%24Pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$Pepe</a> yesterday, equivalent to 1 million USD. The wallet accumulated this <a href="https://twitter.com/search?q=%24Pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$Pepe</a> via DEX by swapping $1 million <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$USDC</a> into <a href="https://twitter.com/search?q=%24Pepe&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$Pepe</a> as would be shown in the snapshot
 The wallet is valued at 1.4 million USD… <a href="https://t.co/BP6woOtJuK" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/BP6woOtJuK</a>
 — PEPAY (🐸,🪺) backed by $PEPE (@pepaycoineth) <a href="https://twitter.com/pepaycoineth/status/1816127129827901599?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h3 id="span-style-font-weight-400-pepe-buying-accelerates-but-whales-still-ready-to-trade-span">PEPE buying accelerates, but whales still ready to trade</h3>
The growth of daily holders accelerated since March, reaching an absolute peak at nearly 260K. Analysts also saw a link between the launch of the Ethereum ETF and renewed interest in <a href="https://x.com/Plazma0x/status/1815712908984086795" rel="noopener noreferrer nofollow" target="_blank">buying</a> PEPE, the leading Ethereum-based meme token.&nbsp;
The recent wallet activity also sparks some concerns that the PEPE community is now shifting to a battleground of whales and aggressive traders. The meme aspect of PEPE is giving way to the potential to <a href="https://x.com/Gem_Digging/status/1816202705704026342" rel="noopener noreferrer nofollow" target="_blank">extract funds</a>. PEPE moved on from a high-risk token to an established and liquid asset with more than $1B in daily trading volumes. For that reason, some PEPE retail holders may be switching to meme communities like APU or newer assets.&nbsp;
Also Read: <a href="https://www.cryptopolitan.com/pepe-price-prediction/?_rt=OHwxfHBlcGV8MTcyMTkxMjAyOQ&amp;_rt_nonce=f15657b467" rel="noopener noreferrer nofollow">Will Pepe Coin Dominate Dogecoin And Shiba Inu In 2024?</a>
PEPE has become more consolidated over time, with the top 100 wallets concentrating nearly 75% of all tokens. Holders have grown to <a href="https://etherscan.io/token/0x6982508145454ce325ddbe47a25d4ec3d2311933" rel="noopener noreferrer nofollow" target="_blank">264,349</a>, though the majority of available tokens are held on exchanges for quick trading. PEPE relies more on centralized markets, unlike smaller tokens with a DEX-based profile.&nbsp;
Currently, ByBit shows the biggest on-chain activity, distributing PEPE through a cluster of <a href="https://app.bubblemaps.io/eth/token/0x6982508145454ce325ddbe47a25d4ec3d2311933" rel="noopener noreferrer nofollow" target="_blank">wallets</a>. In total, more than 4.2% of the PEPE supply has been sent to Bybit. Over the past months, PEPE saw outflows from exchanges, but some inflows renewed in the last few weeks.&nbsp;
<h3 id="span-style-font-weight-400-pepe-still-taps-niche-markets-span">PEPE still taps niche markets</h3>
Due to its rapid growth and social media popularity, PEPE also tapped the South Korean and Turkish markets. PEPE established a small, but important foothold in trading pairs against the Turkish lira and the South Korean won.&nbsp;
Nearly 6% of all PEPE trading is against those two currencies, surpassing the share of USD at under 1%. Tether (USDT) remains the most important pairing for PEPE, and the token is relying on Binance for most of its volumes.&nbsp;
PEPE also has a small derivative market, which is highly volatile and risky. The latest price action of PEPE led to a dominance of long liquidations, as the asset sank by more than 7%. Around $1.4M longs were liquidated, with 800K in short positions.&nbsp;
Also Read:&nbsp;<a href="https://www.cryptopolitan.com/meme-coins-best-performing-cryptos-in-2024/" rel="noopener noreferrer nofollow">Meme coins WIF and PEPE are the best-performing cryptos in 2024</a>
PEPE traded at $0.00001171, erasing the gains from several small recent rallies. The recent price moves also saw PEPE volumes consistently rise to around $1B per day for the last few days.
PEPE is still a cyclical token, as both retail and whales move between projects. While there are calls to hold long-term, most PEPE whales are also watched as a sample of ‘smart money’ for rotating into other meme projects. The current accumulation may become the cause of future selling, but also a sign that a breakout is expected for PEPE.
Cryptopolitan reporting by Hristina Vasileva

Pepe (PEPE) is back in accumulation mode, while becoming the most-traded meme asset

Table of Contents

Cryptopolitan_News

Muita 25. heinäk. 2024 julkaistuja artikkeleja

An enterprise-grade platform for digital asset management, Fireblocks, increases startup adoption...

Ethereum ETFs Debut Strongly: BlackRock and Bitwise Lead with $470.5M Combined Inflows

Harris to Adopt a Pro-Crypto Policy Approach Causing Price Surge For Established Coins (ENS), (AR...

Cardano ready for Chang hard fork after latest validator node release

EU to Send Ukraine 1.4 Billion Euros From Frozen Russian Assets

Solana staking eats into the free supply as whales move in

Join our free newsletter for daily crypto updates!