Pepe coin (PEPE), inspired by the Pepe the Frog meme in the 2000s, is on a downward movement along with the global crypto market capitalization. As the asset’s price shows a bearish sentiment, whales have been busy accumulating.
Soon after the largest crypto exchange, Binance, stated it would list the ethereum-based memecoin, PEPE flipped FLOKI to become the third-largest memecoin by market cap with DOGE and SHIB leading the list.
Despite having no utility at this time, pepe coin has already recorded approximately 3,300% gains since its launch on April 17.
As the market-wide bear run started on May 5, however, the price of the third-largest memecoin has also been on a downtrend for the fourth consecutive day.
The pepe coin is down by 13% in the past 24 hours and trading at $0.000002 at the time of writing. Per data provided by crypto.news, the asset’s market cap has dropped to $813 million while its 24-hour trading volume recorded a 16% spike, currently standing at $1.156 billion.
On the other hand, PEPE’s price has already faced some correction over the past 19 hours, from a local low of $0.0000015 at around 18:00 UTC on May 8.
Moreover, whales are already busy accumulating the third-largest memecoin, according to data provided by Lookonchain. The largest transaction of 1.4 trillion coins, worth $2.76 million with a purchasing price of $0.000002054, was withdrawn from Binance.
Data shows that two more whales also purchased 212 billion coins and 424 billion coins with 223 ETH and 450 ETH, respectively. Per Lookonchain’s tweet, the total amount of PEPE coins accumulated by the whales is worth roughly $3.9 million.