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Highlights
- A whale has been recorded accumulating over 900 billion PEPE despite the coin's continued upward momentum.
- This transactions has added to speculations over further gains for PEPE.
- PEPE's price continues to soar.
In a thrilling plot twist witnessed today, May 23, Pepe coin whale accumulations have again taken the cryptocurrency realm by storm. Despite the frog-themed meme token already being on a bull run, a whale has further accumulated massive amounts of PEPE, birthing sentiments of more price gains in the pipeline.
Remarkably, PEPE has already defied the broader market expectations, soaring to unprecedented levels in recent days. This unpredictability has stirred up thoughts of a potential due correction looming for the meme coin. However, the massive PEPE accumulation has, in turn, sparked contrasting market sentiments.
PEPE Whale Accumulation Propels Market Optimism
According to the insights revealed by the on-chain analytics platform LookOnChain, the whale address 0x83768.. accumulated a staggering 390.56 billion PEPE from Binance today, May 23. Moreover, in less than two days, the same address has been recorded to have collectively bought a whopping 982.56 billion PEPE, worth $13.6 million, echoing a frenzy amid the meme coin’s continued upside momentum.
Notably, PEPE even hit an ATH today, at $0.00001467. However, instead of selloffs due to potential profit-taking behaviors, Pepe coin accumulations surfaced across the market, underscoring the whale’s confidence in the asset for further gains.
Meanwhile, it’s also worth mentioning the Pepe coin topped the $6 billion market cap today, overtaking Internet Computer Protocol (ICP) in rankings. This further adds to the optimistic market buzz birthed by Pepe coin.
Also Read: Gary Gensler Praises US SEC’s Achievements in Court on Crypto Cases
PEPE Price Soars
As of writing, Pepe coin’s price noted a 4.85% upswing in the past 24 hours and is currently trading at $0.00001371. The frog-themed meme token’s 24-hour lows and highs are $0.00001306 and $0.00001467, respectively.
It’s worth noting that despite considerable PEPE liquidations recorded in the past 24 hours, worth $6.20 million, the meme coin has retained its upside movement. This further adds a bullish tint to the token’s cryptographic venture.
However, the RSI rested at 74, hinting that the token has reached overbought territory. This could mean that a price correction looms, although PEPE has already defied usual market sentiments.
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