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.
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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
— Lookonchain (@lookonchain) July 3, 2023
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
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.
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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.
%20[18.33.20,%2003%20Jul,%202023]-638239942677168816.png)
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.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
