PEPE has been one of the hottest stories in the crypto market. The price jumped over 300% last week and an additional 50% today to trade around $0.0000073. With this dramatic surge in price, PEPE’s current market capitalization has exceeded $3 billion.
Smart money continues to pile into PEPE as the token enjoys these extraordinary gains and reaches new all-time highs. SpotOnChain, an on-chain analytics platform, has reported that several prominent traders and institutions have been accumulating large positions in PEPE recently.
SpotOnChain reported that smart trader 0x37d withdrew $2.65 million worth of meme coins from Binance in the past 13 hours, including 38.85 million MEME valued at $1.63 million and 182.4 billion PEPE worth $1.03 million. This marked the first MEME and second PEPE transaction by this prominent trader, signalling growing interest.
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Show more +Furthermore, SpotOnChain spotted two whales accumulating significantly. Whale 0x379 withdrew a massive 500 billion PEPE from Binance valued at $2.90 million in a single transaction, the first time this whale held a position in PEPE. Meanwhile, whale 0x04e purchased 340.9 billion PEPE using $1.95 million USDC on average, also making its first foray into PEPE.
In another major development, Exnetwork Capital withdrew 142.79 billion PEPE from Bybit valued at $1.05 million according to SpotOnChain. This was the first time the VC firm, known as Exnetwork Capital, accumulated the meme coin pointing to rising institutional interest.
The incredible accumulation by bluechip traders and deep-pocketed entities in recent sessions reflects growing optimism around PEPE’s potential as it enjoys new all-time highs. With smart money stacking mammoth sums on every pullback, the current parabolic trajectory seems primed to continue powering the hyped meme token to even loftier price territories.
Overall, the PEPE saga underscores the growing influence of meme coins and their power of driving market sentiment.
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