Crypto Whales Spotted Accumulating Pepecoin
Crypto whales have accumulated millions of units of Pepecoin (PEPE) after the meme coin lost 50% of its maximum value in just three days.
The whales, whose identities are unknown, have spent nearly $4 million to accumulate over two trillion units of the PEPE meme coin, even as its price continues to decline. According to Lookonchain, a well-known market tracker in the crypto community, the whales started to buy PEPE after the price dropped.
One of the whales, identified as 0x50C1, withdrew a staggering 1.4 trillion PEPE worth over $2.76 million from the largest crypto exchange, Binance, when the meme coin traded at $0.000002054. Two other whales jointly bought 636 billion units of PEPE using 673 Ethereum (ETH) tokens worth $1.2 million as PEPE plunged below $0.000002.
Additionally, a whale who earned $14.5 million trading PEPE has been buying Turbo, a token generated with ChatGPT, since May 3, according to on-chain data analyzed by Lookonchain.
Turbo, launched last month, has more than doubled in price since trading ramped up earlier this month, and currently has a market cap of $78 million, which would place it among the top 10 memecoins. The token's volume over the past 24 hours reached $55,5. The token pulled ahead of Shiba Inu in terms of volume traded on Tuesday.
PEPE has seen over $460 million traded in the past 24 hours, with trading volumes shifting from decentralized exchange Uniswap to crypto exchange Binance after the latter listed the tokens in its innovation zone last week. In the past 24 hours, Binance saw over $160 million worth of PEPE trading compared to $53 million on Uniswap.
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DEXTools data shows PEPE token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline and a possible reversal for the meme coin in the coming weeks