PEPE meme coin has surged due to major whale accumulations, with one prominent holder amassing 337.09 billion PEPE in just 20 days.
Top frog-themed meme coin PEPE PEPE $0.000004 24h volatility: 8.5% Market cap: $1.84 B Vol. 24h: $326.55 M has been registering massive gains over the past few months. This surge is largely driven by big accumulations from large holders, or “whales”, who are betting on the token’s continued growth amid a bullish market cycle.
On December 4, on-chain data revealed that a prominent whale holding wallet 0x160…b5B amassed 337.09 billion PEPE to date, worth over $7 million at current market rates. This single transaction was executed through Binance over the past 20 days.
According to Lookonchain, the wallet address involved in these transactions has played an important role in elevating Pepe Coin’s status within the market. This aggressive buying spree has set off optimistic sentiments, with investors anticipating gains as high as 700% in this bull cycle.
Increasing Adoption
In addition to whale activity, Pepe Coin has seen a major rise in the number of holders. Data by Etherscan shows a gradual increase in Pepe Coin holders, reaching nearly 334,000 wallet addresses. This increase in holder count reflects broader market interest and a growing user base.
Pepe’s integration into Coinbase Prime custody recently further bolstered its reputation as a serious contender in the meme coin space. The move has made it easier for both new and seasoned investors to participate in Pepe Coin’s ecosystem, thereby enhancing its accessibility and appeal. Additionally, Pepe’s listing on Coinbase and Robinhood in November played a significant role in the token hitting its all-time high of $0.00002524.
The token’s performance has been nothing short of impressive. Over the past month, Pepe Coin has surged by more than 150%, with its market capitalization doubling to around $8.8 billion. As per the data by CoinMarketCap, the PEPE token is currently trading at $0.00002087, up by over 2% in the past 24 hours. Although the token is currently 17.3% down from its peak, it retains the spot of the third-largest meme coin.
Adding to the bullish outlook, data shows a marked decline in the supply of PEPE on exchanges as holders move tokens to private wallets. This trend reduces selling pressure and signals increasing confidence among investors, particularly whales.
Altcoin Rally on the Horizon?
Meanwhile, Bitcoin dominance has started declining in the past few days, increasing the possibility of a broader altcoin rally. As per the latest data, the overall meme coin market currently stands at a cumulative market cap of $122.32 billion, up by around 120% in the past month.
Market analysts are closely watching PEPE’s trajectory. As the token continues its bullish run, the combination of strategic whale accumulation, increased holder adoption, and enhanced accessibility through platforms like Coinbase Prime positions it for further gains.
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