Data shows the PEPE whales have been buying the meme coin as its price has observed a sharp 13% rally during the past 24 hours.
PEPE Whales Have Bought 1.56 Trillion Tokens During The Last Day
After consolidating straight for more than a month, the meme coin based on the popular internet frog avatar finally buckled a few days back and saw a sharp decline, as did others in the sector like Bitcoin and Ethereum.
The asset extended this decline in the days that followed, but the downtrend this time was much more gradual. And yesterday, the coin may have found its bottom, as it has observed a sharp surge since then.
The asset seems to have enjoyed some sharp recovery during the past day | Source: PEPEUSD on TradingView
While the rise in the meme coin’s price has been rapid, the asset has still not fully recovered to the levels it had been at before the earlier plummet. But nonetheless, if PEPE can keep this momentum up, it’s possible that it might retest those levels soon enough.
This latest rally has come as whales have been participating in some buying activity. According to Lookonchain on Twitter, an account that keeps track of moves being made by smart-money holders, two whales have bought sizeable portions of the meme coin using Ethereum during the past day.
The first of these humongous investors made a total purchase of around 874 billion PEPE using 600 ETH ($1.12 million), and at the time this holder made the transactions, the meme coin was floating around $0.000001286, meaning that by now, the investor would have made a profit of more than 9%.
Looks like the investor has made some sizeable purchases during the past day | Source: @lookonchain on Twitter
As a Twitter user in the comments has pointed out, this whale (who goes by “yougetnothing.eth”) has been quite the enthusiastic altcoin trader during the last three months.
The other whale who made a large PEPE purchase today was a little late to the party, as they bought 658 billion PEPE with 500 ETH ($938,000) while the meme coin’s price was trading around $0.000001366.
This investor bought around six hours after the previous whale | Source: @lookonchain on Twitter
This holder is also in profit, obviously, but their gains would be just around 3% at the moment, notably less than what the other whale would have managed to make.
The latest rise in PEPE has come as the original meme coin, Dogecoin, has also been enjoying bullish winds recently. While the former is still significantly in the red in the past week, the latter has outperformed the top assets with its 15% gains.
PEPE Market Cap
The sharp 13% surge during the past day has naturally meant that the meme coin’s standing in the wider cryptocurrency market has improved. At present, PEPE is 71st on the market cap list, as its total valuation is around $552 million currently.
At the time of writing, PEPE is trading around $0.000001408, up 13% in the last day.
The token's standing amongst its peers | Source: CoinMarketCap
Featured image from iStock.com, chart from TradingView.com
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