10.21 Trillion PEPE in 24 Hours, What's Happening?

PEPE Soars with Whale Interest Amidst Altcoin Pullback

Cover image courtesy of U.Today

PEPE's recent price action has made headlines as altcoins struggle to sustain their upward momentum over the last day. Despite the broader market downturn, PEPE experienced an initial dip before rebounding. The meme coin is currently trading at $0.00000718, representing a 3.68% decline in the past 24 hours.

However, PEPE's whales have taken advantage of this dip to accumulate tokens. Data from IntoTheBlock (ITB) reveals a surge in large PEPE transactions by over 131% within 24 hours. This increase has resulted in approximately $76.3 million worth of PEPE whale transactions during this period.

Over the past 24 hours, whales have accumulated 10.21 trillion PEPE tokens. ITB defines whale transactions as those valued at over $100,000. During this time frame, 120 such transactions were executed, with over 200 recorded in the last week.

PEPE's high whale adoption is a trend that has been observed over the past few weeks. Many investors believe that the token is currently undervalued. While the PEPE developers have yet to announce any significant development plans that could fuel ecosystem growth speculation, long-term holders remain confident in PEPE's potential compared to its rival, Shiba Inu (SHIB).

According to ITB's In and Out of Money data, approximately 49% of PEPE holders are in profit, equating to over 147,000 wallets. An additional 11.11% or 32,000 wallets are at the breakeven point. With only 39% or 115,280 addresses in losses, PEPE ranks among the most profitable meme coins.

This profitability has reignited whale interest in the token. Despite PEPE's limited use cases compared to SHIB's upcoming Shibarium, its potential growth prospects have convinced its whales of an impending rally.