PEPE Coin Holders Stay Optimistic Amid Price Drop! PEPE is a cryptocurrency inspired by the popular internet meme, Pepe the Frog. It operates on blockchain technology, similar to other meme-based digital currencies. Similar to Dogecoin, Pepecoin’s value is primarily driven by social media hype, rather than serving a specific utility within the blockchain ecosystem.
Pepecoin investors appear to be unfazed by the recent price decline. Investors continue to accumulate tokens, signalling a potential bullish trend in the coming weeks. On-chain analytics platform Lookonchain reported on Tuesday that three large-scale investors, known as whales, began purchasing PEPE tokens this week during a nearly 50% price reduction.
Benzinga tweeted today, “Crypto whales are buying #PEPE tokens by the trillions.”
Crypto whales are buying #PEPE tokens by the trillions. Pepe token sees massive accumulation despite price plunge.
— Benzinga (@Benzinga) May 10, 2023
Early adopters have seen their returns skyrocket an unworldly number of more than 3000% with the PEPE, a cryptocurrency inspired by the popular internet meme. This was just the most recent couple of weeks. You can view the live PEPE coin price chart by clicking here.
CoinGecko data reveals that over $420 million of PEPE tokens were traded in the past 24 hours. This occurred as prices experienced a sharp drop before recovering. Additionally, trading volumes have transitioned from the decentralized exchange Uniswap to the cryptocurrency exchange Binance. This was following the listing of PEPE tokens in Binance’s innovation zone last week.
Over the past 24 hours, Binance recorded more than $160 million in Pepecoin trading, compared to $55 million on Uniswap. This shift is likely due to increased accessibility for retail investors and significantly lower transaction fees on Binance. In contrast, Uniswap’s average PEPE trade fee reached $35 on Wednesday, attributed to network demand and an overall fee increase.
Furthermore, DEXTools data indicated the number of unique PEPE token holders exceeded 100,000 on Tuesday. This suggested continued buying activity. As well as a potential rebound for the meme coin in the upcoming weeks. This could be one reason why PEPE Coin Holders Stay Optimistic Amid the Price Drop!