PEPE, FLOKI Backtrack 7% As Whales Keep Topping Up Billions

• A well-known crypto whale amassed 211.6 billion PEPE tokens in a day.
• Another whale stockpiles FLOKI ahead of Valhalla mainnet’s launch.
• PEPE witnesses over $1B in daily trading volume, surpassing SHIB.

As the red hot meme coin season returned this week with several major-cap meme currencies competing for higher ranks in the crypto charts, most top 50 meme coins including Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF) recorded double-digit gains.

However, the lower half meme coins of the top 100 have thrown down the gauntlet to the more popular meme coins, as seen in Floki’s ( FLOKI ) 35% weekly upswing. Meanwhile, Solana’s Bonk (BONK) emerged as the top gainer in weekly terms, with a whopping 73% increase over the past 7 days.

Whale Spends $1.5M On PEPE Amid Rally Hopes

Amidst the ever-changing digital landscape, cryptocurrency whales are taking their chances by capitalizing on meme coin price fluctuations. To illustrate, an internationally known crypto whale, who goes by the name rektdolphin.eth, accumulated billions of PEPE tokens on April 24, 2024.

Spotted by the cryptocurrency whale tracking agency SpotOnChain, this whale tactic consists of accumulating PEPE tokens from crypto exchanges. In this particular case, rektdolphin.eth used Binance, Gate.io, and UniSwap to acquire a total of 211.6B PEPE coins at the approximate price of $0.000007291, setting the trader back $1.54 million.

Are These Whales Expecting Another Leg?

As the aforementioned whale has potentially made $19.79K in unrealized profits, rektdolphin.eth’s on-chain wallet now holds a whopping 259.821 billion PEPE tokens, approaching $2 million in market value. As of press time, the #38 PEPE is exchanging hands at $0.000007369, according to CoinGecko .

PEPE re-entered the top 50 cryptocurrencies by global market cap due to the 50% 7-day rally. One of the biggest advantages PEPE has over other meme coins is its large trading volume, surpassing $1 billion in trades for several consecutive days.

Meanwhile, the #61 seated Viking dog-themed Floki (FLOKI) has experienced a similar performance to PEPE, reaching its weekly peak at $0.0002036 on April 24, 2024. In comparison, PEPE also hit the weekly heights of $0.00000807 on April 24, 2024. Like FLOKI, PEPE also retraced 7% amid today’s crypto market correction.

In a similar fashion to rektdolphin.eth, other whales are also accumulating FLOKI in self-custodial wallets. For instance, one crypto whale swapped 137.20 Ether (ETH) to get 2.48 billion FLOKI tokens on April 21, 2024.

During that time, Floki’s price has been in the early stages of the preceding bull run up to April 24, 2024. Purchasing 2.48 billion FLOKI tokens for the average price of $0.00016122, this crypto whale positioned themselves ahead of Floki’s weekly top three days later, gaining substantial unrealized profits. 

As of press time, FLOKI is changing hands at $0.000184, sliding below a total market cap of $2B. However, FLOKI supporters are expecting a breakthrough following the Valhalla mainnet launch later this year.

On the Flipside

• While performing similarly in price, the difference between PEPE and FLOKI’s liquidity is huge. To illustrate, the combined liquidity book displays $60M in pending orders for PEPE in spot markets. 
• Meanwhile, pending orders on FLOKI are currently summing up to $11 million, according to CoinPaprika. That’s over 5 times less than PEPE, despite FLOKI being considerably older than Pepe.

Why This Matters

The meme currency department witnessed its most successful month recorded in history last March, inspiring a market-wide bull rally and topping $56 billion at the peak of the bull cycle.

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