PEPE Shows 23% Weekly Surge, Here’s Reason Why

According to a recent tweet by The Data Nerd account, a wave of heavy accumulation undertaken by multiple whales and smart wallets has ensured a 23% rise for the trendy PEPE meme coin in the past seven days.

Meme coins have been on the rise recently, with PEPE and SHIB leading this rally phase. Large holders called whales have accumulated billions, and some even bought more than one trillion PEPE over the last week.

$PEPE has surged by 23% in the past 7 days.

Using NerdBot, we spotted numerous Whales & Smart Wallets that kept accumulating last week.

Let’s dive into the most notable ones below 🧵 pic.twitter.com/KSxjbCWFcB

— The Data Nerd (@OnchainDataNerd) August 15, 2023

PEPE price pushed up by massive purchases

The Data Nerd shared some details regarding the most notable purchases and how much of this speculative meme coin the largest of the whales hold now.

In particular, on Aug. 9, a new whale bought 41 billion PEPE, with $8,700 of unrealized gain. On the same day, another whale grabbed a staggering 1.07 trillion PEPE, with $162,000 unrealized gain now.

The price growth that started last Tuesday took PEPE from the $0.0000011261 level to a peak of $0.0000014273, pushing the meme coin up 26.75% by Monday. Since then, however, the momentum got a little weaker, and PEPE has gone down by almost 3%. At the time of this writing, PEPE is changing hands at $0.0000013854 on the OKX exchange.

Right now, three whales mentioned by the aforementioned source are holding huge stashes of PEPE: 2.51 trillion with $3.45 million of unrealized gain (that is 53,000x growth), 50 billion PEPE with $68 million of unrealized gains and 279 billion PEPE, which gives the owner $380,000 of unrealized gains.

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There are also many fresh wallets accumulating $PEPE.

• 0x5a2 bought 41B on Aug 9th at the dip with $8.7K (17%) unrealized gain

• 0x3ef bought 1.07T ($1.5) Mon Aug 9th with $162K (12%) unrealized gain. This guy is also a #base hunter with 8.94B ($372K) $TOSHI. pic.twitter.com/3LAHUFi49r

— The Data Nerd (@OnchainDataNerd) August 15, 2023

PEPE was launched in April this year by an anonymous team of developers, basically having no utility. Unlike other meme coins, including DOGE, PEPE was inspired by the famous internet meme of Pepe the Frog.

SHIB rising, along with PEPE

As for other meme coins, investors and whales have also been stacking up on Shiba Inu token actively ahead of the event that started this week, the Blockchain Futurist Conference in Toronto. This is where SHIB is one of the major sponsors. Its dev team representatives will be giving talks on stage.

Besides, the pseudonymous lead developer Shytoshi Kusama intends to deliver a speech via AI, and the SHIB community expects him and the team to finally launch the much-awaited Layer 2 Shibarium blockchain on mainnet during the conference that will last for two days — Aug. 15 and 16.

Shiba Inu has shown a massive rise of more than 25% within the same time frame as we saw with PEPE. By now, over the past two days, SHIB has lost 8.34%, now trading at $0.000001027.

Curiously, during this period, SHIB, PEPE and other meme coins managed to depeg from the flagship crypto Bitcoin as they kept rising, while BTC continues to stay below the $30,000 level.