PEPE Whale Accumulates 337 Billion Tokens Worth Over $7 Million
The frog-themed meme coin PEPE (#PEPE) has experienced significant gains recently, primarily driven by large holders, or "whales," betting on its growth during a bullish market cycle.
On December 4, on-chain data revealed that a notable whale wallet (0x160…b5B) accumulated 337.09 billion PEPE, valued at over $7 million. This transaction occurred via Binance within the past 20 days.
According to Lookonchain, this wallet has played a crucial role in enhancing Pepe Coin’s market status. The aggressive buying has generated optimistic sentiments among investors, with expectations of up to 700% gains in this bull cycle.
Increasing Adoption
Pepe Coin's holder count has also risen, reaching nearly 334,000 wallet addresses, indicating broader market interest. Its recent integration into Coinbase Prime custody has bolstered its reputation, making it more accessible for new and seasoned investors. Additionally, listings on Coinbase and Robinhood contributed to the token achieving an all-time high of $0.00002524.
Over the past month, Pepe Coin surged by over 150%, doubling its market capitalization to approximately $8.8 billion. Currently, the PEPE token trades at $0.00002087, reflecting a 2% increase in the last 24 hours. Despite being down 17.3% from its peak, it remains the third-largest meme coin.
A decline in PEPE supply on exchanges indicates that holders are moving tokens to private wallets, reducing selling pressure and signaling increased confidence, particularly among whales.
Altcoin Rally on the Horizon?
Bitcoin dominance has seen a decline recently, suggesting the potential for a broader altcoin rally. The overall meme coin market currently has a cumulative market cap of $122.32 billion, up approximately 120% in the past month.
Market analysts are monitoring PEPE’s trajectory closely. The combination of strategic whale accumulation, increased holder adoption, and improved accessibility positions the token for further gains.