Pepe Coin

Pepe

The leading frog-themed meme coin, Pepe Coin&nbsp;price&nbsp;has gained notable traction today, as witnessed by the surge of more than 14% in PEPE. Notably, the&nbsp;surge&nbsp;in its price comes amid growing interest from the large holders, also known as whales.&nbsp;In addition, the recent derivatives data suggested that the investors are also shifting their focus towards Pepe Futures, reflecting the&nbsp;growing confidence of the investors&nbsp;towards the crypto.
<h2 id="span-data-preserver-spaces-true-whale-accumulates-pepe-coin-heavily-span">Whale Accumulates Pepe Coin Heavily</h2>
In recent developments, Spot On Chain, an on-chain transaction tracking platform, has shed light on significant whale activity surrounding the meme coin <a href="https://coingape.com/markets/heres-why-pepe-coin-price-sees-a-20-breakout-rally-in-may/" target="_blank" rel="noopener noreferrer nofollow">PEPE</a>. According to their latest report, whales have been actively accumulating PEPE Coins, signaling a notable shift in market sentiment.
Spot On Chain’s findings highlight a substantial withdrawal of PEPE tokens by a prominent whale identified as 0x546. The whale withdrew a staggering 331.3 billion PEPE tokens from <a href="https://coingape.com/blog/binance-exchange-review/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, amounting to approximately $2.24&nbsp;million,&nbsp;at a rate of $0.00000675 per token.
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GMi18NLaMAAbgfU?format=jpg&amp;name=large" alt="Pepe Whale Accumulation" width="751" height="459">
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 Source: Spot On Chain, X
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Meanwhile,&nbsp;what makes this transaction particularly noteworthy is&nbsp;the connection between whale 0x546 and another Smart trader 0x1c6.&nbsp;It was revealed&nbsp;that both entities shared the same Binance deposit address.&nbsp;
Notably, Smart trader 0x1c6 had previously sold all <a href="https://coingape.com/sponsored/polkadot-dot-and-uniswap-uni-traders-flock-to-kangamoon-as-presale-campaign-hits-6-million/" target="_blank" rel="noopener noreferrer nofollow">UNI holdings</a> before a significant price drop on April 10, 2024, realizing an estimated profit of $6.99 million, equivalent to a remarkable 70.7% return on investment.
Also Read: <a href="https://coingape.com/dogecoin-47-pullback-sets-stage-for-a-1000-doge-price-rally-ahead/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin’s 47% Pullback Sets Stage for A Mega DOGE Price Rally Ahead</a>
<h2 id="span-data-preserver-spaces-true-a-closer-look-into-the-recent-developments-span">A Closer Look Into The Recent Developments</h2>
The combined activity of whale 0x546 and Smart trader 0x1c6 has resulted in the withdrawal of a staggering 660.7 billion PEPE tokens, valued at $4.57 million, from both Binance and MEXC exchanges. These transactions occurred at an average rate of approximately $0.00000692 per token over the past three days.
Meanwhile, this surge in whale activity underscores a growing interest in PEPE among high-volume traders. The coordinated efforts of these entities to accumulate significant amounts of PEPE tokens suggest a bullish outlook on the coin’s prospects.
As whales&nbsp;continue to assert their influence in the <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> market, their strategic maneuvers serve as key&nbsp;indicators for discerning investors. The accumulation of PEPE tokens by prominent entities like Whale 0x546 and Smart Trader 0x1c6 could signal a forthcoming uptrend in the meme coin’s value, prompting further speculation and interest among traders.
On the other hand, the CoinGlass data showed that the <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/PEPE" target="_blank">Pepe Futures Open Interest</a> soared 13.89% to $66.94 million. The surge reflects the increasing confidence of the traders toward the meme coin’s future.&nbsp;
In addition, the <a href="https://coingape.com/price/pepe-coin/" target="_blank" rel="noopener noreferrer nofollow">Pepe Coin price</a> also soared 14.16% and exchanged hands at $0.000006953 during writing. Simultaneously, its trading volume soared 10.7% to $1.07 billion. Meanwhile, the frog-themed <a href="https://coingape.com/meme-coin/" target="_blank" rel="noopener noreferrer nofollow">meme coin</a> has touched a high of $0.000007149 and a low of $0.000005989 in the last 24 hours.
<figure id="attachment_194778" aria-describedby="caption-attachment-194778" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class=" wp-image-194778" src="https://coingape.com/wp-content/uploads/2024/05/Pepe-Coin-Price-2-05-24.png" alt="Pepe Coin price" width="754" height="515" srcset="https://coingape.com/wp-content/uploads/2024/05/Pepe-Coin-Price-2-05-24.png 996w, https://coingape.com/wp-content/uploads/2024/05/Pepe-Coin-Price-2-05-24-300x205.png 300w, https://coingape.com/wp-content/uploads/2024/05/Pepe-Coin-Price-2-05-24-768x524.png 768w, https://coingape.com/wp-content/uploads/2024/05/Pepe-Coin-Price-2-05-24-150x102.png 150w" sizes="(max-width: 754px) 100vw, 754px">
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 Pepe Coin Price
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Also Read: <a href="https://coingape.com/xrp-price-ripple-locks-800m-coins-massive-xrp-movements-what-next/" target="_blank" rel="noopener noreferrer nofollow">Ripple Locks 800M XRP Amid Massive XRP Movements, What’s Next?</a>
The post <a href="https://coingape.com/pepe-coin-massive-futures-buying-indicate-imminent-pepe-price-rally/" rel="noopener noreferrer nofollow">Pepe Coin&nbsp;Massive Futures Buying&nbsp;Indicate Imminent PEPE Price Rally</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Pepe Coin Massive Futures Buying Indicate Imminent PEPE Price Rally

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