Following the drop in PEPE prices, crypto whales bag billions of PEPE tokens.
Crypto traders are seizing the recent Pepe (PEPE) price dip as an opportunity to increase their holdings, indicating bullish expectations for the token in the coming weeks.
On-chain analytics tool Lookonchain revealed that three major crypto whales began accumulating PEPE earlier this week, as the price dropped nearly 50%.
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According to Lookonchain, these whales made significant PEPE purchases. The data revealed that one whale withdrew 1.4 trillion PEPE ($2.76M) from Binance, while the others bought 212 billion ($429K) and 424 billion ($864K) PEPE tokens.
Blockchain data reveals that over $420 million PEPE was traded in the past 24 hours, with prices initially plummeting before bouncing back.
Interestingly, trading volumes have shifted from the decentralized exchange Uniswap to Binance, which listed the token in its innovation zone last week. Binance recorded over $160 million worth of PEPE trading in the past 24 hours, compared to $55 million on Uniswap.
The possible reason for this shift is Binance's greater accessibility for retail traders and lower fees compared to Uniswap's average of $35 per PEPE trade.
DEXTools data shows that Pepe holders surpassed 100,000 unique users on May 9th, indicating continued buying activity despite the price drop.
This could signal a potential reversal for the memecoin in the weeks ahead. It is worth noting that the largest PEPE holders currently enjoy unrealized profits ranging from $4 million to $9 million.
At the time of writing, Pepe (PEPE) retails for $0.00000192, recording a 0.72% decrease in the last 24 hours.
