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Whale Accumulation Sparks PEPE Frenzy: Meme Token Soars 20% in a Week

Jack Evans
Oct 3, 2023 at 06:44 pm

Whales Make Waves in the PEPE Sea

Cryptocurrency trackers and on-chain data from Sep. 29 have revealed a remarkable trend – the accumulation of PEPE by whales. These are not your average investors; these are individuals or entities with significant resources and influence in the crypto market.

On Sep. 28, three substantial transactions, totaling a staggering $1.5 million, were executed to acquire PEPE. But that was just the beginning. On Sep. 29, two new wallets boldly entered the fray, spending over $800,000 to amass a whopping 1.08 trillion PEPE tokens.

One particularly keen investor didn't stop at just one shopping spree. This savvy trader exchanged $645,000 worth of Ethereum (ETH) for PEPE. Interestingly, this wasn't their first encounter with the meme token. They had previously acquired 1.04 trillion PEPE tokens back in August, reaping rewards that exceeded $2.3 million earlier this year.

The influx of whale activity in the PEPE ecosystem has become a ray of hope for investors who were previously apprehensive about the token's stability. Just earlier this month, PEPE holders were on edge, fearing the dreaded "rug pull." However, the growing interest from these deep-pocketed players suggests that confidence is returning to the PEPE market.

As the crypto world continues to evolve, stories like these remind us that there's always more beneath the surface. In the vast sea of digital assets, whale movements can often be the tide that raises or lowers all ships. For now, PEPE enthusiasts are riding the wave of excitement, eager to see where these whales will lead them next in this ever-unpredictable crypto journey.

Read more: Fireblocks Expands Portfolio with $10 Million Acquisition of Tokenization Firm BlockFold

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