Main navigation

PEPE Shows 23% Weekly Surge, Here's Reason Why

Tue, 08/15/2023 - 11:25
article image
Yuri Molchan
Whales continue to push Pepe meme coin to new highs
PEPE Shows 23% Weekly Surge, Here's Reason Why
Cover image via www.freepik.com
Read U.TODAY on
Google News
Contents

According to a recent tweet by The Data Nerd account, a wave of heavy accumulation undertaken by multiple whales and smart wallets has ensured a 23% rise for the trendy PEPE meme coin in the past seven days.

Meme coins have been on the rise recently, with PEPE and SHIB leading this rally phase. Large holders called whales have accumulated billions, and some even bought more than one trillion PEPE over the last week.

PEPE price pushed up by massive purchases

The Data Nerd shared some details regarding the most notable purchases and how much of this speculative meme coin the largest of the whales hold now.

In particular, on Aug. 9, a new whale bought 41 billion PEPE, with $8,700 of unrealized gain. On the same day, another whale grabbed a staggering 1.07 trillion PEPE, with $162,000 unrealized gain now.

The price growth that started last Tuesday took PEPE from the $0.0000011261 level to a peak of $0.0000014273, pushing the meme coin up 26.75% by Monday. Since then, however, the momentum got a little weaker, and PEPE has gone down by almost 3%. At the time of this writing, PEPE is changing hands at $0.0000013854 on the OKX exchange.

Right now, three whales mentioned by the aforementioned source are holding huge stashes of PEPE: 2.51 trillion with $3.45 million of unrealized gain (that is 53,000x growth), 50 billion PEPE with $68 million of unrealized gains and 279 billion PEPE, which gives the owner $380,000 of unrealized gains.

PEPE was launched in April this year by an anonymous team of developers, basically having no utility. Unlike other meme coins, including DOGE, PEPE was inspired by the famous internet meme of Pepe the Frog.

Related
'Rich Dad Poor Dad' Author Predicts Bitcoin to Hit $100,000, Here's What Must Happen

SHIB rising, along with PEPE

As for other meme coins, investors and whales have also been stacking up on Shiba Inu token actively ahead of the event that started this week, the Blockchain Futurist Conference in Toronto. This is where SHIB is one of the major sponsors. Its dev team representatives will be giving talks on stage.

Besides, the pseudonymous lead developer Shytoshi Kusama intends to deliver a speech via AI, and the SHIB community expects him and the team to finally launch the much-awaited Layer 2 Shibarium blockchain on mainnet during the conference that will last for two days — Aug. 15 and 16.

Shiba Inu has shown a massive rise of more than 25% within the same time frame as we saw with PEPE. By now, over the past two days, SHIB has lost 8.34%, now trading at $0.000001027.

Curiously, during this period, SHIB, PEPE and other meme coins managed to depeg from the flagship crypto Bitcoin as they kept rising, while BTC continues to stay below the $30,000 level.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.