The memecoin ecosystem is growing at a very fast pace, with PEPE leading some of the whale accumulation trend
PEPE is one of the leading memecoins in the cryptocurrency market and is gaining attention amid a sustained Q4 rally.Â
Large holders of the token, known as whales, have been buying more PEPE, which shows increasing optimism about its future. Recently, a notable whale purchased over 337 billion PEPE coins worth more than $6 million during the ongoing price climb. This transaction boosts confidence in the token’s potential.
Whales continue to accumulate $PEPE!
A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V
— Lookonchain (@lookonchain) December 4, 2024
Will PEPE Whale Surge Spark 7x Growth?Â
Whale activity and PEPE’s market performance have increased as the memecoin is popular in cryptocurrency. Data shows that nearly 334,000 addresses hold Pepe coins. Meanwhile, analysts believe PEPE might soon experience a significant price change, possibly providing a 7x return in the next few days.
This forecast is based on the token’s recent growth and increasing interest from retail and institutional investors. The asset experienced a 16% increase in value over the past week. Notably, the current price stands at $0.00002104 as per CoinMarketCap. The epic whale accumulation comes as volatility forced massive but temporary price slumps.
As PEPE prepares for a possible price increase, traders and investors watch its price closely. If the expected 7x rise happens, it could strengthen Pepe Coin’s status as a top memecoin and attract more market attention. Everyone is focused on the token as it goes through this exciting growth stage.
1 Trillion PEPE Withdrawal Sparks Insider Speculation
Meanwhile, there are speculations of insider trading among the crypto community.Â
This is because Etherscan revealed a massive withdrawal of nearly 1 trillion PEPE tokens from Binance, one of the world’s leading cryptocurrency exchanges. The transaction, amounting to $7.76 million, raised eyebrows and intrigued industry players, given that the withdrawal originated from an undisclosed address.Â
Also, there was a notable transaction from the same address just a day before the withdrawal of nearly 1 trillion PEPE tokens. 322.48 billion PEPE tokens, equivalent to $2.62 million, were moved on that previous transaction. The total combined transactions are almost 1.3 trillion PEPE tokens. Hence, there is speculation about potential insider involvement.Â
The speculation is further ignited by the intriguing timing of the transactions, which coincided with an upward trend for Pepe Coin. The asset experienced a 17% increase in value at that time.Â
Pepe Coin is known for its frog-theme meme-based origins and connections to internet culture. The token has historically drawn attention from a wide range of traders and insiders, amplifying the scrutiny on such large transactions. Undoubtedly, the repercussions of this massive withdrawal could include price fluctuation and altered market sentiments.
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