Price PEPE Could Go Up Because Whales Hit This Memecoin

Bittime - Not long ago the PEPE memecoin was in the spotlight after one whale (large investors) bought up 231 billion tokens worth $2.9 million (around IDR 46.4 billion) within 24 hours. This massive buying action sparked potential speculation rally (price increase) PEPE in the near future.

PEPE Price Drops, Whales Buy

According to the latest report from CoinGape, the whale took advantage of the decline in PEPE prices to accumulate. Data from crypto analytics platform Lookonchain shows the whale has accumulated 231.6 billion PEPE tokens in 24 hours, with a total value of $2.9 million.

Furthermore, Lookonchain data reveals that this whale is not a new player in the PEPE ecosystem. Since March 16, the whale has been recorded as having collected 750.34 billion PEPE tokens from Kraken at an average price of $0.00001111 (around Rp. 1.78), or a total value of $8.34 million (around Rp. 133.44 billion).

The whale's move to accumulate PEPE is currently quite bold. The reason is, PEPE has just experienced a price correction of 26.38% from its all-time high (ATH) at $0.00001718. Currently, PEPE price is around $0.00001262.

Reasons Why Whales Target PEPE

One possibility behind the whale's actions is his belief in PEPE's growth potential in the future. Even though memecoins like PEPE have experienced a fantastic price surge, crypto analysts believe that alternative crypto assets (altcoins) still have greater profit potential compared to crypto assets as a whole.

However, it should be noted that the whale's decision to hold (holding) PEPE in the long term was carried out amidst a decline in PEPE prices of 9.64% in the last week. Nevertheless, PEPE is still one of the strongest candidates to touch its ATH again in the near future.

Market Cap Jumps 1.95%

Apart from PEPE, the memecoin ecosystem as a whole is also showing encouraging performance. The global memecoin market capitalization was recorded to have increased by 1.95% in the last 24 hours, reaching $58,794,310,811 (around Rp. 939.1 trillion).

This increase in market capitalization was driven by an increase in the price of several well-known memecoins, such as Dogecoin (DOGE) which rose 0.6% to $0.1477 (around IDR 2.36), PEPE which rose 1.82% to $0.00001268 (around IDR 2.36). .03), and dogwifhat (WIF) which rose 0.77% to $2,769 (around Rp. 44.3).

Not only that, the memecoin ecosystem was also enlivened by the achievements of several tokens such as FLOKI which succeeded in surpassing 417,000 holders on the BNB Chain network. The unique innovations presented by tokens such as Shibarium for Shiba Inu and TokenFi for Floki have also triggered an increase in demand for memecoins.

Conclusion

Even though in general PEPE is still behind other top memecoins, the very loyal PEPE community aspires to seize the throne of SHIB and DOGE in the long term. Will this dream come true? The large accumulation of whales is a signal that is worth paying attention to.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Learn More about the How to Buy Crypto Guide on Bittime.

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.