Larger market participants are buying up the meme coin even as prices dunk, suggesting another leg up might be on the cards soon.
Pepecoin (PEPE) traders remain unfazed by the recent price correction and are adding to their holdings in a move that suggests bullish price action for the tokens in the coming weeks.
On-chain analytics tool Lookonchain said on Tuesday that three whales, a colloquial term for holders of large amounts of any tokens, started to accumulate pepe tokens earlier this week amid a nearly 50% price cut.
“3 whales started to buy $PEPE after the price dropped,” Lookonchain said in a tweet. “0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.”
“0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,” the firm added, pointing to each individual wallet holding.
CoinGecko data shows PEPE has seen over $420 million traded in the past 24 hours as prices fell steeply before rebounding.
The data further shows trading volumes have shifted from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week.
In the past 24 hours, Binance saw over $160 million worth of pepecoin trading compared to $55 million on Uniswap. A likely reason for this is more accessibility for retail traders and significantly lesser fees per trade on Binance – compared to an average of $35 per PEPE trade on Uniswap as of Wednesday, due to the network demand and a general fee spike.
Elsewhere, DEXTools data shows pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks.
The largest pepecoin holders sit on unrealized profits of $4 million to as much as $9 million, the data show.
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