Whales Amass Huge PEPE Holdings As Meme Coins Rebound
Pepe coin (PEPE) whales are accumulating huge assets, marking a rise in sentiments. Flows into meme coins flipped green after days in the woods as bulls look to end the year on a high note. Data from IntoTheBlock shows whales moved from a 534 billion net outflow to 580 billion net inflows, setting the tint for individual acquisitions.
The recent crypto uprising has seen large holders ramp up activity, swooping 9 trillion PEPE tokens and igniting price projections to new levels. According to Lookonchain data, a whale withdrew 337 billion PEPE worth $6.92 million from Binance. The movement of assets out of centralized exchanges is a bull signal of long-term holdings.
This ignited other solo holders to look towards the asset, sparking a huge 24-hour rally. Whale activities swing the market with a positive effect on retail traders. In the last 24 hours, small-scale traders have also moved into PEPE and other meme coins to partake in the rebound.
PEPE Jumps 8%
Recent heavy buys on the asset have significantly impacted the price. In the last 24 hours, PEPE gained 8.2% to trade at $0.00002649, as its market cap tops $11 billion. Daily trading volumes are at an incredible high of 34%, hitting $5.3 billion. Longer-term price fluctuations are also in the green zone, alongside sentiments.
In the last seven days, PEPE surged 6% and a massive 167% in 30 days. Meanwhile, yearly growth stands at 1,517%. The recent jump in PEPE price has flipped wallets from losses to gains.
A whale bought 240B $PEPE($3.64M) at a high price on May 29, and the price of $PEPE dropped afterward. 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, Lookonchain wrote.
Meme Coins Record Gains
Meme coins have recovered after days of slow trading across various asset classes. Due to high volatility, these assets tend to record heavy swings in line with the direction of market sentiments. Meme coin leader Dogecoin (DOGE) gained 4.9% today, while Shiba Inu (SHIB) and FLOKI soared 6.8% and 4.4%, respectively. Some lower market cap assets skyrocketed as high as 100% on a larger community rally. Several holders tip signs of the Q1 2024 meme coin rally, although numbers are still far out.
Read more: https://zycrypto.com/whales-amass-huge-pepe-holdings-as-meme-coins-rebound/
Text source: ZyCrypto
