The meme coin market has started to recover in the last few hours, with Pepecoin (PEPE) gaining an 8% over the past 24 hours. PEPE is now trading around $0.0000085, outperforming other top meme coins like Shiba Inu (SHIB), WIF, and Bonk (BONK) which are up between 2-7% over the same period.
Adding fuel to the PEPE rally, blockchain data from SpotOnChain revealed that a single fresh crypto wallet withdrew a massive 357.34 billion PEPE tokens worth around $2.91 million from Binance earlier today.
The withdrawal transaction (0x772d81f350b701560694209b268e8d8553b09eff7486648ba8964158686e17b0) saw the wallet 0x4f017843e1aa554a0d03e2227b04654b597ff32a acquire the PEPE tokens at an average price of $0.00000815.
Notably, besides the substantial PEPE buy, this wallet has only withdrawn a small amount of 3.32 ETH (around $9,900) from Binance to cover gas fees. This suggests the wallet’s sole purpose was to accumulate a massive stake in the Pepecoin meme cryptocurrency.
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Show more +The whale-sized PEPE accumulation has not gone unnoticed by prominent crypto influencers and analysts. Cold Blooded Shiller, who has over 270,000 followers on the social media platform X (formerly Twitter), tweeted his bullish view on PEPE:
“Still very simple on the $PEPE side. One of the strongest markets on the HTF. Looking to try and hold this flip and then it’s the challenge to the ATH zone. Some very good levels for fresh set ups along the way as well.”
Cold Blooded Shiller is referring to PEPE’s ability to “flip” a key resistance level and turn it into support, putting it on track to potentially revisit its all-time high price zone around $0.000001 – over 17% above current levels.
With whales accumulating massive amounts of the Pepecoin supply and analysts eyeing a continuation of the rally, the PEPE meme coin mania appears to be far from over. The meme coin market resurgence is well underway, and PEPE is leading the charge for now.
Read also: Does Dogwifhat (WIF) and Meme Coins Face a New Competitor? This Low-Cap Gem Surged 20,000%
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