Pepecoin, whales buy after price drop ── Trading shifts to Binance | coindesk JAPAN | Coindesk Japan

Pepecoin (PEPE) traders have been unfazed by the recent price correction and are increasing their holdings in a move that signals a bullish price move in the coming weeks.

On-chain analytics tool Lookonchain tweeted on May 9 that three whales (large holders) “started buying Pepecoin” after the price dropped by nearly 50%.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2 Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

According to data from CoinGecko, Pepecoin has traded more than $420 million in the past 24 hours as it rebounded after its price plummeted.

The data also shows that the main trading arena has shifted from decentralized exchange (DEX) Uniswap to centralized exchange Binance. Binance listed Pepecoin last week.

Over the past 24 hours, more than $160 million of Pepecoin has traded on Binance, compared to about $55 million on Uniswap. The reason for this is that the listing on Binance has made it more accessible for individual investors, and it has become possible to trade with low transaction fees.

As of May 10, Uniswap was averaging $35 in Pepecoin transaction fees due to network congestion and other factors.

According to DEXTools, the number of Pepecoin holders exceeded 100,000 on the 9th. This indicates continued buying despite price declines and a possible price reversal in the coming weeks.

Unrealized gains for the largest Pepecoin holders are estimated at $4 million to $9 million.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Danny Nelson/CoinDesk
｜Original: Crypto Whales Accumulate Millions in Pepecoin as Trading Volume Shifts to Binance