Larger investors are purchasing the meme coin, Pepecoin (PEPE), despite recent price drops, indicating potential bullish movement for the token in the near future. According to on-chain analytics tool Lookonchain, three whales have been accumulating Pepecoin tokens this week, after a nearly 50% price cut.
Lookonchain tweeted, "3 whales started to buy $PEPE after the price dropped," adding that "0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054." Lookonchain also provided details on the individual wallet holdings for each of the three whales.
CoinGecko data shows that despite the price decline, over $420 million worth of PEPE was traded in the past 24 hours, with trading volumes shifting from decentralized exchange Uniswap to crypto exchange Binance, which listed the tokens in its innovation zone last week.
In the past 24 hours, Binance saw over $160 million worth of Pepecoin trading compared to $55 million on Uniswap. DEXTools data shows that despite the price decline, Pepecoin holders have crossed the 100,000 unique holders mark, indicating continual buying activity and a potential reversal for the meme coin in the coming weeks.
One reason for this shift in trading volume could be the greater accessibility for retail traders and significantly lower fees per trade on Binance, compared to an average of $35 per PEPE trade on Uniswap as of Wednesday.
Earlier we wrote about how you can exchange tokens in a decentralized exchanger Uniswap.
