The Data Nerd account recently tweeted that the popular PEPE meme coin has increased by 23% over the previous seven days due to a surge of significant accumulation carried out by several whales and smart wallets.
Recently, meme currencies have been rising, with PEPE and SHIB leading this trend. Whales, or large holders, have amassed billions, and some have even purchased more than a trillion PEPE during the past week.
PEPE price pushed up by massive purchases
The greatest of the whales’ current holdings of this speculative meme coin, as well as information on the most prominent transactions, were both provided by The Data Nerd.
In particular, a new whale purchased 41 billion PEPE on August 9 with an unrealized gain of $8,700. Another whale made a remarkable 1.07 trillion PEPE on the same day, with an unrealized gain of $162,000 at the time.
PEPE’s price increased from $0.0000011261 to $0.0000014273 throughout the course of previous Tuesday, sending the meme currency up 26.75% by Monday. However, the impetus has since weakened a bit, and PEPE has decreased by over 3%. At the time of writing, PEPE is trading on the OKX platform for $0.0000013854.
Three of the whales mentioned by the aforementioned source are currently sitting on sizable holdings of PEPE, including 2.51 trillion with $3.45 million in unrealized gains (a growth of 53,000 times), 50 billion PEPE with $68 million in unrealized gains, and 279 billion PEPE, with an unrealized gain of $380,000.
An unidentified development team released PEPE in April of this year, and it essentially served no purpose. PEPE, as opposed to other meme currencies like DOGE, was motivated by the well-known Pepe the Frog internet meme.
SHIB rising, along with PEPE
Regarding other meme coins, whales and investors have been actively accumulating Shiba Inu token in advance of the Toronto event that began this week, the Blockchain Futurist Conference. SHIB is one of the key sponsors in this area. Onstage presentations will be made by members of the development team.
In addition, the two-day conference on August 15 and 16 will feature a lecture by the pseudonymous head developer Shytoshi Kusama through artificial intelligence, and the SHIB community anticipates that he and the team will finally deploy the eagerly anticipated Layer 2 Shibarium blockchain on mainnet.
Shiba Inu has had a dramatic increase of more than 25% within the same time period as PEPE. SHIB has now down 8.34% over the last two days and is currently trading at $0.000001027.
Strangely, throughout this time SHIB, PEPE, and other meme currencies were able to break free from the flagship cryptocurrency Bitcoin as they continued to rise, while BTC has remained below the $30,000 mark.
