In what stages as a bullish event within the cryptocurrency landscape, a PEPE whale accumulated massive amounts of the frog-themed meme token today, May 3, piquing global attention. The transaction, emerging amidst the token’s nearly 7% price rally, has ignited a torrent of optimism among crypto market participants.

After a period of consolidation, with Pepe coin trading between $0.000006014 and $0.000007956 over the past week, the whale’s accumulation has triggered a surge of bullish sentiment towards the meme coin’s price action. Here’s a detailed analysis of Pepe Coin’s price movements and whale data.

Whale Data Glimmers Hope for PEPE

According to the data revealed by the on-chain analytics platform Whale Alert, a staggering 4.04 trillion PEPE was noted to be accumulated today, May 3. The accumulation, coming in tandem with PEPE’s nearly 7% price rally, took place via Paribu, a cryptocurrency trading platform, by an unknown wallet.

Further underscoring undeterred confidence in the asset, this massive accumulation projects a potential bullish road for the frog-themed token ahead. Meanwhile, it’s worth noting that if further buying pressure persists, as in the abovementioned transaction, bulls could potentially take control of the token, pushing it for additional gains.

As reported by CoinGape Media earlier, a prominent meme coin whale accumulated colossal amounts of Pepe Coin futures, adding to the token’s bullish take in the market. Collectively, whale data hovering over the crypto horizon indicated a potential continued price rally for the token in the long run, with on-chain data further underscoring a market uptrend at press time.

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Pepe Coin Price Movements

PEPE’s price noted an uptick of 7.25% in the past 24 hours and currently rests at $0.000007603. The frog-themed meme token’s 24-hour lows and highs are $0.000006951 and $0.000008028, respectively.

Coinglass data revealed a considerable 8.90% surge in Pepe coin’s open interest, reaching $78.95 million, whereas derivatives volume rose 9.14%, reaching $1.28 billion. This hinted at a substantial increase in market activity, further escorted by burgeoning investor interest.

Additionally, market indicators signaled a buying sentiment prevailing within the market, further rationalizing the massive whale accumulation mentioned above. Although the RSI hovered near 56, suggesting that the asset is neither overbought nor oversold, the abovementioned factors underlined a bullish trend for the token at press time.

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The post PEPE Price Rallies As Whale Accumulates 4 Tln Pepe Coin appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am