PEPE is eyeing a major rebound following a massive whale accumulation recorded over the past 24 hours. Will PEPE rally soon?
Fortune might be smiling to PEPE once again as a mega whale went on an accumulation spree over the past 24 hours. This maneuver from the whale comes at a time when the price of PEPE dropped significantly, setting a discount move to bag the tokens.
PEPE Price Right For Whale?
According to insights shared by the crypto analytics platform Lookonchain, a whale bought 231.6 billion in about 24 hours. This massive accumulation comes in at $2.9 million, solidifying the position the whale has been taking in the memecoin.
The Lookonchain insight noted that the PEPE whale is not new to the token accumulation scene. Since at least March 16, this whale has bought a total of 750.34 billion PEPE valued at $8.34 million from Kraken at an average price of $0.00001111.
A whale bought 231.6B $PEPE($2.9M) from #Kraken again 7 hours ago.
— Lookonchain (@lookonchain) June 9, 2024
The whale has bought a total of 750.34B $PEPE($8.34M) from #Kraken at an average price of $0.00001111 since Mar 16.https://t.co/AbxrKcG4So pic.twitter.com/iXfFmyDmMg
Buying PEPE at this time comes with a very unique twist. This is because this is the time many are likely to sell the tokens considering the fact that it recently attained its All-Time High (ATH). From the ATH of $0.00001718, PEPE has now retraced by 26.38% to its current price of $0.00001262.
One major explanation for this whale action is that there is a major trust in PEPE to continually grow from its current level. Despite the impressive leap from PEPE and other memecoins this bull cycle, market analysts are optimistic that more upside lies ahead for altcoins known to outperform the broader market.
Over the past week, PEPE has dropped by 9.64%, setting a unique ambiance for the whale to make an entry for a long-term hold. For memecoins in play to retest their ATH soon, PEPE remains a major favorite.
Bullish Profiling for the Memecoin Market
Beyond PEPE, the memecoin ecosystem is growing at a very positive pace. The memecoin world has grown its market cap to $58,794,310,811, up by 1.95% in 24 hours.
This growth was fueled by the 0.6% surge in Dogecoin (DOGE) to $0.1477, the 1.82% jump in PEPE to $0.00001268, and the 0.77% surge in dogwifhat (WIF) to $2.769. Among the key milestones in the ecosystem is the growth in FLOKI’s BNB Chain holders above the 417,000 mark.
Other tokens have also implemented one unique innovation like Shibarium to Shiba Inu and TokenFi to Floki, helping to boost demand. While PEPE is still generally lacking in this regard, it has grown to become a very dedicated community with a passion to dethrone SHIB and DOGE in the long term.