Pepe investors dive into accumulation amidst FUD storm

• Two whales recently acquired close to 2 million PEPE.
• PEPE has declined by over 2% on a daily timeframe.

As per a 29 August report by Lookonchain, despite the ongoing developments surrounding Pepe [PEPE], two whales have continued to accumulate. The whales collectively spent 983 ETH to accumulate Pepe tokens, equivalent to approximately $1.7 million.

2 whales spent a total of 983 $ETH(1.7M) to buy 1.88T $PEPE 1 hour ago.

0x9D49 spent 433 $ETH($742K) to 832B $PEPE and 0x0bE1 spent 550 $ETH($943K) to buy 1.04T $PEPE.https://t.co/bpcisDgUephttps://t.co/kdk8w834UI pic.twitter.com/v4CQ2vojZM

— Lookonchain (@lookonchain) August 29, 2023

Read Pepe’s [PEPE] Price Prediction 2023-24

Breaking down their purchases, one of the investors used 433 ETH to obtain 832 billion PEPE tokens, while the other investor used 550 ETH to acquire over 1 million PEPE tokens.

More Pepe, please

On 24 August, a group of unauthorized Pepe developers altered the requirements for moving tokens from their multisig wallet. They reduced the threshold from five out of eight signatures to just two out of eight. Subsequently, they transferred PEPE tokens worth $16 million to various cryptocurrency exchanges, indicating their intent to sell.

This event was later confirmed on the meme-coin’s official Twitter page.

an announcement to the $PEPE community:

Yesterday on August 24th, 2023, a series of unexpected transactions took place from the $PEPE multisig CEX
Wallet in which ~16 Trillion $PEPE tokens (worth roughly $15m USD) were transferred to various crypto exchanges (OKX, Binance,… pic.twitter.com/iZmXV1TAvw

— Pepe (@pepecoineth) August 26, 2023

Pepecoin’s supply distribution sees a boost

According to the supply distribution data on Santiment, certain wallets experienced an increase in their holdings following the developments related to Pepe. The chart indicated a notable rise in wallets holding between 10,000 to 100,000 coins, surging from approximately 1,033 to over 1,100 on 28 August.

As of this writing, this number was around 1,198. This shift could be interpreted as a bullish signal from these holders. 

Source: Santiment

However, an examination of the volume metric revealed that there hasn’t been a substantial change despite the ongoing accumulation. As of this writing, the trading volume was around 132 million, close to the average daily trading volume.

Pepe exchange flow calms

A look at the exchange flow data showed that there has been a period of relative tranquility following the surge observed on 24 and 25 August. Specifically, on 24 August, there was a significant influx of approximately 24 trillion PEPE tokens into exchanges.

However, this figure decreased slightly to over 11 trillion on 25 August. In parallel, the outflow of tokens from exchanges reached over 12 trillion on 24 August and over 10 trillion on 25 August.

Source: Santiment

However, the exchange inflow has diminished to approximately 427 billion tokens in the current context, while the outflow was nearly 1 trillion.

Strategic accumulation?

Analyzing Pepecoin’s performance through a daily timeframe chart revealed that it achieved a 4% increase in value upon the close of trading on 29 August.

Nonetheless, as of this writing, it had experienced a decline exceeding 2%. The Relative Strength Index (RSI) also suggested that it was nearing the oversold territory.

Source: TradingView

How much are 1,10,100 PEPEs worth today?

Furthermore, a thorough examination of the daily chart implied that the ongoing accumulation strategy might yield positive results if Pepe’s price were appreciated.

Those purchasing within the present price range could potentially realize a profit surpassing 30% if the price rebounded to the levels before its recent decline.