Pepecoin Goes Mainstream As Binance Attracts Crypto Heavyweights
- Pepecoin traders remain bullish despite recent price correction and are adding to their holdings.
- Three whales bought $PEPE after a nearly 50% price cut.
- Trading volumes shift from Uniswap to Binance, with over $160M worth of pepecoin trading on Binance in the past 24 hours, compared to $55M on Uniswap, due to accessibility and significantly lesser fees per trade on Binance.
Pepecoin (PEPE) traders are seemingly unfazed by the recent price correction, as evidenced by the increased buying activity among its holders.
Despite the nearly 50% price cut, on-chain analytics tool Lookonchain reported on Tuesday that three whales, a colloquial term for holders of large amounts of any tokens, started accumulating pepe tokens earlier this week. This suggests a bullish price action for the tokens in the coming weeks.
According to Lookonchain’s tweet, “3 whales started to buy $PEPE after the price dropped,” with 0x50C1 withdrawing 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054. Meanwhile, “0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942. 0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957,” the firm added, pointing to each individual wallet holding.
This increased buying activity comes as PEPE experiences a decline in prices, with trading volumes on decentralized exchange Uniswap shifting to crypto exchange Binance after the latter 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. One possible reason for this shift is more accessibility for retail traders and significantly lesser fees per trade on Binance.
PEPE has seen over $420 million traded in the past 24 hours, the network demand and a general fee spike have contributed to an average fee of $35 per PEPE trade on Uniswap as of Wednesday. Despite this, DEXTools data shows pepe token holders crossed the 100,000 unique holders mark on Tuesday, implying continual buying activity despite a price decline. This suggests a possible reversal for the meme coin in the coming weeks, as the number of unique holders indicates a growing interest in the token.
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