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PEPE Price soars as 4T Token whale bags
In what has been a bullish event in the cryptocurrency landscape, a PEPE whale has amassed huge amounts of frog-themed meme tokens today, May 3, attracting global attention. The transaction, which emerged amid a rally in the token’s price of nearly 7%, ignited a torrent of optimism among cryptocurrency market participants.
After a period of consolidation, with the Pepe coin trading between $0.000006014 and $0.000007956 over the past week, the whale buildup has triggered a wave of bullish sentiment towards the meme coin’s price action. Here is a detailed analysis of Pepe Coin price movements and whale data.
Whale data shows hope for PEPE
According to data revealed by on-chain analytics platform Whale Alert, a staggering 4.04 trillion PEPPER It was noted that it was accumulated today, May 3rd. The accumulation, which occurred in tandem with PEPE’s nearly 7% price rally, occurred via Paribu, a cryptocurrency trading platform, from an unknown wallet.
Further underlining the undaunted confidence in the asset, this massive accumulation projects a potential bullish path for the frog-themed token. Meanwhile, it is worth noting that if further buying pressure persists, as in the aforementioned transaction, bulls could potentially take control of the token, pushing it towards further gains.
As CoinGape Media previously reported, a major meme whale has amassed colossal amounts of Futures on Pepe Coin, increasing the token’s bullish hold on the market. Collectively, data on whales hovering on the cryptocurrency horizon indicated continued price upside potential for the token over the long term, with on-chain data further underscoring an upward trend in the market at the time of this writing.
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Pepe coin price movements
The price of PEPE It has seen an increase of 7.25% in the last 24 hours and is currently trading at $0.000007603. The frog-themed meme token’s 24-hour lows and highs are $0.000006951 and $0.000008028, respectively.
Data from Coinglass revealed a notable increase of 8.90%. Open interest of the Pepe coin, reaching $78.95 million, while derivatives volume grew by 9.14%, reaching $1.28 billion. This hinted at a substantial increase in market activity, further accompanied by growing investor interest.
Furthermore, market indicators have signaled a prevailing buying sentiment within the market, further rationalizing the massive whale buildup mentioned above. Although the RSI is hovering around 56, suggesting that the asset is neither overbought nor oversold, the above-mentioned factors have underlined a bullish trend for the token as of this writing.
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