PEPE Whales Accumulate Hundreds Of Billions Of Tokens in Six Hours: A Catalyst for a Massive Price Surge?
As the crypto markets focus shifts to altcoins following Bitcoins recent rally to a record-breaking all-time high of $103,900, meme coins are experiencing a surge in activity.
Among them, PEPE, inspired by the iconic Pepe the Frog meme, has garnered significant attention with an influx of major whale purchases. On Sunday, Whale Alert reported that two wallets, possibly controlled by the same whale, spent $4.89 million USDC to acquire an astounding 190.14 billion PEPE tokens at an average price of $0.00002572, all within a span of just six hours.
Adding fuel to the frenzy, another fresh wallet, 0xa9dc99628, accumulated an even larger position of 264.8 billion PEPE tokens, valued at $6.4 million, via Coinbase. This wallet is one of several fresh accounts observed accumulating PEPE on centralized exchanges (CEXs) like Coinbase. Similarly, wallet 0x0a8746384e amassed 260.9 billion tokens worth $6.2 million during PEPEs breakout to its all-time high on Friday. Notably, this accumulation trend extends beyond Coinbase, with activity noted across Binance, Kraken, Upbit, KuCoin, and more, signaling robust interest in the meme token.
Meanwhile, the significant accumulation of fresh and existing wallets has sparked bullish sentiment among investors and analysts. Popular crypto analyst Javon Marks highlighted the growing momentum in a Saturday tweet, suggesting PEPEs price could almost double in the coming days.
PEPE prices are moving and climbing with strength here on growing positive volume. With its recent breakout holding, there could still be much more upside, including a potential +50% to $0.0000375 or even a 150% climb to $0.000063+. He tweeted.
Similarly, analyst Max described PEPE as the highest probability meme token to deliver explosive gains this cycle, predicting it could surpass a $50 billion market cap one day, positioning it as a serious contender to challenge DOGE and SHIB in the meme coin hierarchy.
That said, PEPEs rise to prominence comes from an impressive rally. On Friday, the token reached a record price of $0.00002662, boosting its market cap to $11 billion. This surge coincided with high-profile listings on platforms like Coinbase and Robinhood, which have historically been cautious about meme tokens. Notably, these listings could grant the token broader accessibility, potentially driving further price growth.
While PEPE has faced skepticism due to its meme-based origins and alleged concentration by insiders, the continued accumulation by whales and its growing adoption on major platforms suggests that the token may have staying power.
PEPE was trading at $0.000026 at press time, reflecting a 9.85% surge in the past 24 hours.
Text source: ZyCrypto
