Investors Turn Attention to Pepe With Massive Accumulation, Will PEPE Explode Next?

Amid the ongoing crypto rally, investors are beginning to turn their attention to Pepe (PEPE) memecoin. A recent report disclosed a substantial accumulation of the coin, underscoring investor’s growing confidence.

The global market has experienced a tremendous surge, triggered by Donald Trump’s election victory in November. Following the event, Bitcoin rocketed to a new all-time high of $99k, and other cryptocurrencies like XRP, and Dogecoin (DOGE) also saw impressive movements.

Over the last day, Binance Coin (BNB), and Tron (TRX) have surged dramatically by 20%, and 67% respectively. Interestingly, both coins also reached new all-time highs of $776, and $0.43 respectively within this time.

Consequently, the total market valuation now rests at $3.57 trillion, representing a 3.14% increase in the last 24 hours.

PEPE Whale Accumulates $7 Million Coins

Meanwhile, Lookonchain, a prominent on-chain analytic service, tracked a significant transaction involving Pepe, the third-largest memecoin by market cap.

According to its data, this particular whale has withdrawn about 337.09 billion PEPE coins, valued at about $6.92 million, from Binance to a wallet address labeled ‘0x16…ab5b’ in the last 20 days.

Whales continue to accumulate $PEPE!

A whale has withdrawn 337.09B $PEPE($6.92M) from #Binance in the past 20 days.https://t.co/65vbIQd2dd pic.twitter.com/79NauAQt8V

— Lookonchain (@lookonchain) December 4, 2024

Notably, large transactions like this are often interpreted as bullish since the coin is moved from an exchange to an external wallet. This signifies a long-term holding strategy which translates to confidence in the coin’s trajectory.

Historically, such large withdrawals often lead to a surge in price since it reduces the amount of coin in circulation, and creates a bit of scarcity.

PEPE’s Trajectory, Will it Explode Next?

Pepe coin has seen impressive growth post-election. In fact, the coin rose to a new all-time high of $0.00002457 on November 14. This growth also comes following major listings on Coinbase, Upbit, and Robinhood exchanges.

However, at the time time of writing, Pepe is down 15% from its peak, trading at $0.00002094, indicating a 2.3% increase in the last 24 hours.

Moreover, the coin saw a spike in its one-day trading volume by 3.4% to $3.34 billion, with a live market cap of $8.77 billion. The recent whale accumulation, combined with favorable market conditions could trigger a mouthwatering surge soon.