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Pepecoin (PEPE) traders are displaying resilience in the face of recent price corrections, adding to their holdings with an optimistic outlook for the token's value in the coming weeks.

On Tuesday, Lookonchain, an on-chain analytics tool, reported that amidst a nearly 50% price reduction, three large-scale token holders, colloquially referred to as "whales," had initiated the accumulation of pepe tokens earlier this week.

“3 whales started to buy $PEPE after the price dropped,” Lookonchain said in a tweet. “0x50C1 withdrew 1.4T $PEPE ($2.76M) from #Binance when the price was $0.000002054.”

“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.

 

 

According to CoinGecko's data, over the past 24 hours, PEPE has witnessed more than $420 million in trading volume, with prices experiencing a sharp decline before rebounding.

The data also indicates that trading volumes have migrated from the decentralized exchange Uniswap to the cryptocurrency exchange Binance since the latter added the tokens to its innovation zone last week.

Within the last 24 hours, the trading volume of pepecoin on Binance surpassed $160 million, while Uniswap only accounted for $55 million in trading. This notable difference can be attributed to several factors, such as Binance's higher accessibility to retail traders and significantly lower trading fees when compared to Uniswap. Specifically, the average fee for a PEPE trade on Uniswap was as high as $35 on Wednesday, due to an increase in network demand and a general surge in fees.

On Tuesday, DEXTools data indicated that the number of unique holders of pepe tokens exceeded 100,000, suggesting that buying activity has persisted despite a decline in price and potentially signaling a reversal for the meme coin in the upcoming weeks.

The data reveals that the largest holders of pepecoin are currently sitting on unrealized profits that range between $4 million to as much as $9 million.

Source Coindesk