Pepecoin Surges as Crypto Whales Flock to Binance for Trading – Millions Accumulated!

"Pepecoin (PEPE) Traders Show Resilience as On-Chain Analytics Point to Bullish Price Action Ahead"

Pepecoin (PEPE) traders are showing bullish sentiment towards the token as they continue to accumulate holdings despite a recent price correction. According to on-chain analytics tool Lookonchain, three whales, or holders of large amounts of any tokens, began accumulating PEPE earlier this week following a nearly 50% price drop. The three whales, identified as 0x50C1, 0x2Baa, and 0x3AE8, purchased a total of 1.6 trillion PEPE tokens worth over $3 million. CoinGecko data shows that over $420 million worth of PEPE has been traded in the past 24 hours, with trading volumes shifting from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week.

Binance saw over $160 million worth of PEPE trading in the past 24 hours compared to $55 million on Uniswap. This can be attributed to increased accessibility for retail traders and significantly lower fees per trade on Binance. On Uniswap, the average fee per PEPE trade was $35 as of Wednesday due to network demand and a general fee spike. Meanwhile, DEXTools data shows that the number of unique PEPE token holders has crossed the 100,000 mark, indicating continuous buying activity despite the recent price decline.

PEPE’s largest holders are currently sitting on unrealized profits ranging from $4 million to as much as $9 million, according to DEXTools data. This suggests that investors remain optimistic about the token’s future prospects and are willing to hold on to their positions despite short-term market fluctuations. The recent accumulation by whales and the increasing number of unique token holders indicate a possible bullish trend for PEPE in the coming weeks.

It is worth noting, however, that PEPE is a meme coin and its price movements are largely driven by sentiment and social media activity rather than fundamental factors. As such, investors should exercise caution and conduct thorough research before making any investment decisions. While the recent accumulation by whales and increased trading volumes on Binance are positive indicators, they do not guarantee future price appreciation.

In conclusion, PEPE traders are showing bullish sentiment towards the token despite a recent price correction. The accumulation by whales and the increasing number of unique token holders suggest a possible reversal for the meme coin in the coming weeks. However, investors should remain cautious and conduct thorough research before making any investment decisions.

Martin Reid

Martin Reid

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