PEPE coin whales are accumulating massive assets, marking a spike in sentiment. Flows into meme coins have turned green after days in the woods as bulls look to end the year on a high note. Data from IntoTheBlock shows that whales went from a net outflow of 534 billion to 580 billion net inflows, which determines the color of individual acquisitions.
The recent crypto uprising has seen a surge in activity by major holders, as they have snapped up 9 trillion PEPE tokens and ignited price expectations to new levels. according to Loconchain dataa whale withdrew 337 billion PEPE worth $6.92 million from Binance. The movement of assets outside centralized exchanges is a bullish signal for long-term holdings.
This incentivized other solo asset holders to look towards the asset, resulting in a massive 24-hour rally. Whales’ activities on the market positively affect retail traders. In the past 24 hours, small traders have also moved to PEPE and other cryptocurrencies to participate in the recovery.
Pepe jumps 8%
Recent large purchases of the asset have greatly impacted the price. In the past 24 hours, PEPE rose 8.2% to trade at $0.00002649, with its market capitalization exceeding $11 billion. Daily trading volumes in a companyRecoverables rose 34% to $5.3 billion. Long-term price volatility is also in the green, along with sentiment.
In the past 7 days, PEPE is up 6% and a whopping 167% in 30 days. Meanwhile, the annual growth is 1,517%. The recent jump in the price of PEPE has flipped portfolios from losses to gains.
“A whale bought $240 billion worth of PEPE ($3.64 million) at a high price on May 29, and the price of PEPE fell after that. But instead of selling out of panic, he held out for 6 months. Just 30 minutes ago, he sold $240 billion worth of PEPE ($4.95 million), making a profit of $1.31 million. LeConchine wrote.
Meme coins record gains
Meme coins have recovered after days of sluggish trading across various asset classes. Due to their extreme volatility, these assets tend to exhibit extreme volatility in line with the trend of market sentiment. Meme coin Dogecoin (DOGE) is up 4.9% today, while Shiba Inu (SHIB) and FLOKI are up 6.8% and 4.4%, respectively. Some low-cap assets rose 100% in a larger societal rally. Many coin holders are pointing to a rally in the coins in the first quarter of 2024, although the numbers are still a ways off.