10.21 Trillion PEPE in 24 Hours, What’s Happening?

PEPE is making headlines today as many altcoins fight to maintain their recorded uptrend over the past 24 hours. PEPE again slipped as it bucked the negative trend in early market trading. The meme coin is changing hands for $0.00000718, down by 3.68% in 24 hours after soaring by over 5% earlier.

The PEPE whales capitalized on this downtrend to go all out on the token. Per data from IntoTheBlock (ITB), the large PEPE transaction count has jumped by more than 131% in 24 hours. Following this jump, $76.3 million worth of PEPE whale transactions has been shuffled in this time frame.

Zooming out from these metrics, 10.21 trillion PEPE were featured in the 24-hour whale boost. ITB defines whale transactions, as valued at more than $100,000. One hundred twenty such transactions were conducted during this period, and more than 200 were recorded over the past week.

PEPE is no alien to intense adoption by whales, as recorded over the past few weeks. The idea is that many of these whales understand how underpriced the token is for now. While the PEPE developers have not revealed any major development path to give room for future ecosystem growth speculation, long-term HODLers are convinced that PEPE is undervalued compared to its closest rival, Shiba Inu (SHIB).

According to the In and Out of Money data from ITB, PEPE has about half, or precisely 49%, of its holders in profit. This is equivalent to more than 147,000 holders, with another 11.11% or 32,000 wallets at the breakeven point. With just 115,280 addresses in losses, or 39%, PEPE is among the most profitable meme coins.

This has reignited interest in the token among its whale investors. Despite PEPE’s limited use cases, unlike SHIB’s Shibarium, its potential might help PEPE to sustain a rally that its whales believe is imminent.

Source