PEPE Whales Accumulate Massively, Sentiment Increases

The accumulation by large holders of Pepe Coin (PEPE) has created a clear resurgence in sentiment, especially after a period of relative calm in the market. With the end of the year in sight, bulls want to close the market on a positive note. According to data from IntoTheBlock, whales have switched from a net outflow of 534 billion PEPE to a net inflow of 580 billion, indicating growing interest in the asset.

Whale Acquisitions and Market Effect

The recent upswing in the crypto market has motivated large investors to increase their holdings, with an accumulation of 9 trillion PEPE tokens. This has driven price forecasts to new heights. Lookonchain reports that a whale withdrew 337 billion PEPE, worth $6.92 million, from Binance, indicating long-term confidence in the asset.

This movement has sparked confidence among smaller holders, who have also started buying PEPE and other memecoins, leading to a 24-hour rally. The activity of whales has had a positive effect on private traders, who are now also joining in en masse.

PEPE’s Price Increase

The recent massive purchases have significantly influenced the price of PEPE. In the last 24 hours, PEPE has risen by 8.2% to $0.00002649, with a market capitalization exceeding $11 billion. Trading volumes have also increased significantly, rising by 34% to $5.3 billion. Long-term price movements are also positive, underscoring the growing optimistic mood. Lookonchain noted the following:

“A whale bought 240B $PEPE ($3.64M) at a high price on May 29, and the price of $PEPE then fell. But instead of panic selling, he held on for 6 months. Just 30 minutes ago, he sold his 240B $PEPE ($4.95M), making a profit of $1.31M.”

PEPE has risen by 6% in the past week and has made a profit of 167% in the past 30 days. The annual growth stands at an impressive 1,517%. These price jumps have moved investors’ portfolios from loss to profit.

Memecoins Recovering and Rising

After days of less activity in various asset classes, memecoins have made a strong comeback. The volatility of these assets often leads to large price fluctuations that follow market sentiment. The market leader among the memecoins, Dogecoin (DOGE), rose by 4.9% today, while Shiba Inu (SHIB) and FLOKI respectively rose by 6.8% and 4.4%.

Asset classes with a lower market capitalization even saw increases of up to 100% due to community rallies. Some investors predict that these rallies may be a sign of a strong start to the memecoin market in the first quarter of 2024, although the figures have yet to be confirmed.