A new cryptocurrency called Pepe Coin has recently gained attention in the cryptocurrency market and meme coin space. CoinMarketCap data shows that the new meme coin has delivered significant returns to its early investors in just a few days since its launch.
Prominent crypto exchanges, including Binance, also went ahead to list the new meme coin. This has also pushed the community to buy PEPE. Pepe Coin price experienced a remarkable surge, starting from a low of $0.00000002764 on April 17, 2023, and reaching an all-time high of $0.000004354. However, PEPE has dropped in price and is trading at $0.000001883 at press time, according to CoinMarketCap data.
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The latest data from Lookonchain has revealed that three crypto whales are accumulating PEPE.
Crypto whales accumulate PEPE amidst the price drop
The data shows that when the price of PEPE almost dropped by 50% in the last few days, whales started buying the trending meme coin. Lookonchain mentioned that “0x2Baa bought 212B $PEPE ($429K) with 223 $ETH ($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH ($831K) at $0.000001957.” The on-chain analytical platform also revealed that 0x50C1 withdrew 1.4 trillion OEOE from Binance when it was $0.000002054.
The market cap of PEPE, which rose above $1 billion, has fallen to the $700,000 level. The accumulation of PEPE by the whales seems to be in possible anticipation of another bullish rally by the frog-inspired meme coin.