PEPE Price: Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally?

A Pepe coin whale has once again stirred the crypto industry with its massive PEPE acquisition. On-chain analysis reveals that a staggering $1.2 trillion worth of PEPE was purchased from the Binance cryptocurrency exchange, despite the coin's recent monthly decline.

This substantial accumulation has sparked optimism regarding the future price movements of the frog-themed meme coin, which has been experiencing a price correction of approximately 20% over the past month.

Accumulation Signals Future Price Hope

Large-scale accumulations by major investors often indicate confidence in an asset's growth potential, fueling hope for its future trajectory. In this case, the whale's significant purchase of PEPE reflects a belief in its long-term value.

As per Whale Alert's tracking, 1.23 trillion PEPE, valued at $14.74 million, was bought from Binance on June 2nd. The transaction was initiated from the whale address 0x835678a6.

This acquisition has instilled a sense of confidence in Pepe coin's potential, generating additional buying pressure and bolstering the asset's market sentiment. It is noteworthy that the whale's entry price was $0.000011, while the current PEPE price exhibits signs of consolidation within a tight range.

Pepe Coin Market Performance

At the time of writing, the PEPE price has experienced a slight increase of 0.23%, trading at $0.00001148. Its 24-hour price range extends from $0.00001133 (bottom) to $0.0000117 (top), indicating a period of consolidation.

Coinglass data provides further insight into the recent market behavior of Pepe coin. The Futures Open Interest (OI) has surged by 7.32% to reach $142.06 million, while the derivatives volume has declined by 20.98% to $799.11 million. This data suggests increased investor attention but subdued market activity, resulting in a mix of positive and cautious market sentiment.

The Relative Strength Index (RSI) has stabilized around 46, indicating a neutral market position. If the current buying pressure persists, Pepe coin may experience a positive upward momentum in the near future.

However, recent reports from CoinGape Media have highlighted instances of large-scale PEPE whale deposits to exchanges, which align with the coin's current bearish trend.