Pepe (PEPE) has been making headlines recently with a notable increase in price amid bullish momentum. This surge in price could be just the beginning as whale activity suggests long-term positioning and potential for further growth.
Recent data shows that Pepe’s holder composition experienced a net inflow of 580 billion PEPE tokens and an outflow of 534 billion PEPE tokens on December 3rd. This influx of PEPE tokens into whale wallets indicates a growing interest in the meme coin and potential buying pressure that could drive prices higher.
According to Lookonchain, PEPE whales have been actively accumulating the meme coin, despite some long-term holders taking profits. One whale in particular deposited a significant amount of tokens worth $7.3 million to Kraken, resulting in a substantial return profit. This accumulation trend among whales is expected to have a positive impact on Pepe’s price as demand increases.
In the past 20 days, a notable whale has withdrawn 337 billion Pepe tokens valued at nearly $7 million from Binance, coinciding with a price surge in PEPE and the broader meme market. This movement in whale activity indicates a strong bullish sentiment towards Pepe and could lead to further price appreciation.
IntoTheBlock data reveals a decline in the number of large transactions involving Pepe by 3% over the past week. However, the number of addresses in profit has increased to 83%, with only 1% of addresses at a loss. This indicates strong support for Pepe at current price levels and a positive outlook for the meme coin’s future performance.
Exciting news for Pepe comes as Binance.US announces the listing of PEPE for trading on December 5th. This listing is expected to bring increased visibility and accessibility to Pepe, potentially fueling a bullish trend in the token’s price. With a market cap of $8.69 billion and a 24-hour trading volume exceeding $4.2 billion, Pepe has solidified its position as the third largest meme coin in the market, behind Shiba Inu and Dogecoin.
In conclusion, Pepe’s recent price surge and whale accumulation signal a potential for significant upside in the near future. With the upcoming listing on Binance.US and strong market fundamentals, Pepe could see explosive growth in the coming days. Investors and traders should keep a close eye on Pepe as it continues to make waves in the volatile cryptocurrency market.
