Market Observer Highlights Ongoing PEPE Accumulation

A crypto market observer on X has spotted multiple whale acquisitions of PEPE, the frog-themed meme coin. In a recent post, the observer highlighted transactions involving four whales who recently invested in the meme coin, suggesting the return of significant bullish momentum for the cryptocurrency.

The observer’s highlights include a whale who became famous after making a $6.24 million profit from a previous PEPE transaction. According to the observer, the same whale recently bought 250 billion PEPE meme coins at an average price of $0.00001697. Meanwhile, another PEPE whale added 230.1 billion of the meme coin tokens to his portfolio at an average price of $0.00002455.

Apart from the previous two whales, the crypto market observer spotted a whale with an 85% winning rate who recently opened a 788.2 billion PEPE position at an average price of $0.00002394. He also identified a fourth whale who recently purchased 1.129 trillion PEPE, equivalent to $3.68 million. The fourth whale bought the meme coin for an average price of $0.00001647.

The observer’s spotted acquisitions highlight investors’ bullish sentiment toward PEPE despite the meme coin’s recent pullback. PEPE retraced by over 49% after reaching a $0.00002836 all-time high in the first week of December. The frog-themed meme coin traded for $0.00001763 at the time of writing, reflecting a 22.5% rally from recent support.

Notably, PEPE’s recent support coincides with its previous high, reflecting a consistent pattern of higher highs and lows, with the preceding highs forming the base for subsequent rallies. It is worth noting that PEPE is one of the best-performing meme coins in the current bull cycle and has maintained a bullish momentum since its creation in 2023.