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Hundreds of Billions of PEPE Accumulated by Whales After Latest Price Drop

In recent news, it has been reported that three whales have started accumulating the meme coin Pepe (PEPE) after a recent price correction, according to data from Lookonchain. This news comes after the cryptocurrency experienced a 50% drop in value following its listing on Binance.

Lookonchain’s data reveals that the three whales, identified as 0x50C1, 0x2Baa, and 0x3AE8, have been purchasing significant amounts of PEPE since the beginning of this week. Specifically, 0x50C1 withdrew 1.4 trillion PEPE tokens (worth $2.76 million at the time) from Binance when the price was $0.000002054. 0x2Baa bought 212 billion PEPE tokens (worth $429,000) with 223 ETH (worth $412,000) at $0.000001942, while 0x3AE8 purchased 424 billion PEPE tokens (worth $864,000) with 450 ETH (worth $831,000) at $0.000001957.

CoinGecko’s data also indicates that PEPE’s trading volume has reached $390 million in the last 24 hours, with most of the volume shifting to Binance instead of Uniswap. At the time of writing, there are over 108,000 holders of PEPE, which is a relatively large number.

As of now, PEPE is trading at $0.00000186, a decrease of nearly 7% in the past 24 hours, according to Etherscan. It is worth noting that Pepe (PEPE) is a meme coin on the Ethereum blockchain developed by an anonymous group, and it had a market capitalization of less than $1 million when it was launched on April 14, 2023. However, within less than a month, PEPE has experienced remarkable growth and has reached a market capitalization of $1 billion after being listed on Binance.

In conclusion, the recent accumulation of PEPE by three whales indicates a positive sentiment towards the meme coin despite its recent price correction. It remains to be seen whether this trend will continue or if there will be further price volatility in the future.

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