PEPE whales are scooping up the meme coin again, pushing price to $0.00000190

PEPE’s on-chain activity is on the rise with increase in whale transactions and trade volume.
Large wallet investors started scooping up PEPE tokens early on July 3.
PEPE price is $0.00000190, the meme coin has wiped out all losses from the SEC’s crypto crackdown in June.

PEPE’s large wallet investors, who booked millions in profit on the meme coin, started accumulating the token again early on Monday. Two whale wallets identified by a crypto intelligence tracker spent over $1.19 million in acquiring PEPE tokens.

The meme coin’s on-chain metrics paint a bullish picture for PEPE price rally in the short term.

Also read: Shiba Inu resists selling pressure from sale of 94 billion SHIB tokens by Poly Network hackers

PEPE whales exchange large volumes of USDC, Ether to scoop up the meme coin

Large wallet investors, who have reportedly booked profits on their previous PEPE purchases, have started accumulating the meme coin yet again.

Lookonchain, a crypto intelligence tracker that identifies whale activity, observed two large whale wallets spending nearly $1.19 million worth of USDCoin (USDC) and Ethereum (ETH) in exchange for PEPE.

These whales have reportedly booked upwards of $1 million on their PEPE holdings previously. The two transactions were recorded early on Monday.

Wallet"0xcfff" that made ~$1.08M on $PEPE spent 471,700 $USDC to buy 260B $PEPE at $0.000001813 about 2 hrs ago.https://t.co/XWFJwnZVov

And @osf_rekt spent 367 $ETH ($720K) to buy 404.5B $PEPE at $0.000001781 about 1 hour ago.https://t.co/eM9pbcTY88 pic.twitter.com/VVl2Lv5K99
— Lookonchain (@lookonchain) July 3, 2023

On-chain metrics that support PEPE price uptrend

Three on-chain metrics, active addresses in a 24-hour time frame, PEPE trade volume and whale transactions worth $100,000 and higher have painted a bullish picture for the meme coin. Based on the below chart, active addresses in PEPE have consistently climbed over the past 48 hours.

PEPE on-chain metrics

PEPE active addresses, trade volume vs price

Supply held by top addresses as a percentage of the circulating supply has increased over the weekend. Moreover, large value transactions worth $100,000 or more increased between July 2 and 3. These metrics support a bullish thesis for PEPE price.

PEPE whale activity

PEPE whale transaction count, supply held by top addresses vs price

PEPE price wipes out losses from SEC crypto crackdown

PEPE price has climbed nearly 15% on the day to trade around $0.00000190 at the time of writing. The meme coin has wiped out losses from the SEC’s crypto crackdown, revisiting price levels from May.

PEPE/USDT one-day price chart Binance

At the time of writing, PEPE price is above two Exponential Moving Averages (EMAs), 10 and 50-day at $0.00000156 and $0.00000150, respectively. These two levels are expected to act as key support levels for the meme coin in its uptrend.

Like this article? Help us with some feedback by answering this survey:

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.