Whale Activity Causes 6% Rise in Pepe Coin Price

Popular meme coin Pepe Coin (PEPE) price has gone up 6% in the last 24 hours. This makes it the best performing meme coin in the last 24 hours, beating top rivals like Dogecoin and Shiba Inu.

According to data from crypto tracking site Lokonchain, the price increase may be connected to a recent whale activity. Lokonchain noted that a PEPE whale had withdrawn 2 trillion PEPE tokens, approximately $3 million worth from Binance.

This is a significant activity because Lokonshain says that the same whale had withdrawn 3.94 trillion PEPE tokens, equivalent to $6.46 million at the time, on June 27 and July 5. The same whale also deposited 3.94 trillion PEPE tokens, which had a value of about $7.06 million at that time, on July 14. 

PEPE holds promise

PEPE has taken the crypto industry by storm, although it is one of the most recent memecoins. There has been a recent surge in the number of transactions for the meme-inspired cryptocurrency, which puts it on the path to a promising future.

This has made it an attractive investment asset for investors like the one who made roughly $600,000 by taking advantage of the market movements. From all indications, whales are ready to take advantage of it.

Just yesterday, it was up 16%, and it has been among the top performing crypto assets recently.

Altcoin season will do better

At the time of writing, most of the crypto market is in the red, especially the top ten assets. However, PEPE has maintained a relatively positive price movement.

Whales may have seen this coming, and are taking action to prepare before the big move comes. Although it isn’t certain when, the market is expecting an altseason at some point and PEPE looks likely to be ready for it.