A Pepe coin whale has again sent tongues wagging across the broader crypto industry today, primarily with its massive PEPE accumulation. On-chain insights revealed that a staggering $1.2 trillion PEPE was bought from the Binance crypto exchange amid Pepe coin’s monthly crash.

Notably, despite a roughly 20% price fall recorded over the past month, the staggering amounts of coins accumulated have ignited optimistic market sentiments over the frog-themed meme coin’s future price action. So, let’s gain a deeper understanding of why.

Colossal Accumulation Glimmers Hope For Future Price Movements

With such massive accumulations coming into the light, the usual market sentiments take an optimistic turn. These accumulations reflect whales’ confidence in the asset’s potential to offer significant gains ahead, sparking hope for the coin’s future.

According to data highlighted by Whale Alert, 1.23 trillion PEPE, worth $14.74 million, was bought from Binance today, June 2. The purchase order was made by the whale address 0x835678a6.

This massive accumulation has reflected a sense of confidence in Pepe coin’s potential to offer gains ahead, as also mentioned above. Meanwhile, the transaction brings additional buying pressure to the digital asset.

Also, it’s worth noting that the whale entered the PEPE market at a $0.000011 price level. On the other hand, the PEPE price shows signs of consolidation today, moving sideways.

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Pepe Coin Market Performance

At press time, the PEPE price gained 0.23% to trade at $0.00001148. Its 24-hour bottoms and tops were recorded as $0.00001133 and $0.0000117, respectively, illustrating signs of consolidation.

Coinglass data further rationalized Pepe coin’s turbulent movement, as its Futures OI surged while derivatives volume noted a significant dip. PEPE OI jumped 7.32% to $142.06 million, whereas its derivatives volume dropped 20.98% to $799.11 million. This data pointed to increased investor interest but reduced market activity, birthing uncertain sentiments on price.

Besides, the RSI moved along 46, underscoring the asset’s neutral stance in the market. Should further buying pressure persist, as in the one mentioned above, Pepe coin could see a significant upside momentum ahead.

Conversely, recent reports by CoinGape Media have spotlighted colossal PEPE whale dumps to exchanges, aligning with its current bearish movement.

Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues

The post PEPE Price: Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally? appeared first on CoinGape.

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Filed under: News - @ July 2, 2024 11:09 am