Despite a recent price correction, traders of the Pepecoin (PEPE) cryptocurrency remain optimistic, with on-chain analytics tool Lookonchain reporting that three large-scale holders have begun accumulating more of the token. Pepecoin, which has been described as a “meme token,” is proving to be a resilient cryptocurrency as traders continue to add to their holdings despite a recent price correction.
According to Lookonchain’s tweet on Tuesday, the three so-called “whales” have started to buy up PEPE tokens after the price dropped by nearly 50%. One of the whales, identified by their wallet address as 0x50C1, reportedly withdrew 1.4 trillion PEPE tokens, worth around $2.76 million, from Binance when the price was at $0.000002054.
The news has sparked further interest in the token, with some analysts predicting that this could lead to a bullish trend in the coming weeks. Despite the recent correction, Pepecoin (PEPE) has remained relatively stable over the past month, with trading volume shifting to Binance, one of the largest cryptocurrency exchanges in the world.
Pepecoin, which is based on the Ethereum blockchain, was originally created as a joke currency, inspired by the popular internet meme Pepe the Frog. However, it has since gained a following among traders and investors, with some even describing it as a “community-driven project.”
The recent interest in Pepecoin comes amid a wider rally in the cryptocurrency market, with Bitcoin and other major tokens experiencing significant gains over the past few weeks. Many analysts believe that this bullish trend could continue in the short term, as institutional investors and corporations begin to adopt cryptocurrencies as a viable investment option.
However, some experts have warned of the risks associated with investing in smaller, more speculative tokens like Pepecoin. The cryptocurrency market is known for its volatility, and many tokens have experienced sudden and dramatic price swings in the past.
Despite these risks, many traders remain bullish on Pepecoin, with some even predicting that it could become a mainstream currency in the future. Whether this optimism will translate into sustained price growth for the token remains to be seen, but for now, it appears that the Pepecoin community is not deterred by the recent correction and remains committed to accumulating more tokens.
Pepecoin (PEPE) has been around since 2016, originally created as a joke by a community of 4chan users. However, it has since gained a following and is now considered a legitimate cryptocurrency with a market capitalization of over $40 million.
Despite its origins, Pepecoin has been gaining traction in recent months, particularly after it was listed on Binance, one of the world’s largest cryptocurrency exchanges. This has led to an increase in trading volume and price action, with some traders speculating that the token could see significant gains in the near future.
The recent accumulation by the three whales mentioned by Lookonchain suggests that there is still strong interest in Pepecoin despite the recent price correction. It remains to be seen whether this accumulation will lead to a significant price increase, but it is a positive sign for those holding the token.
Pepecoin is not the only meme-inspired cryptocurrency to gain attention in recent months. Dogecoin, which started as a joke based on the “Doge” meme, has seen its price soar to new highs in 2021, largely due to the endorsement of Tesla CEO Elon Musk.
While some may view these meme-inspired tokens as nothing more than a fad, others see them as a legitimate part of the cryptocurrency landscape. As with any investment, it is important to do your own research and make informed decisions before investing in any cryptocurrency, meme-inspired or otherwise.
