In the midst of market gloom in the cryptocurrency landscape, the Whale Group is not afraid to buck the trend. The latest one PEPE pope has collected a large amount of meme tokens today, May 3rd and it has indirectly attracted global attention. This transaction, coming amid a nearly 7% price surge for this token, has sparked a wave of optimism among crypto market participants.
After the accumulation period, Pepe coin traded between $0.000006014 and $0.000007956 in the last week.
Based on data provided by the on-chain analysis platform Whale Alert, a total of 4.04 trillion PEPE has been obtained today. This accumulation phase, coincided with a price increase of almost 7% in the price of PEPE.
This indirectly emphasizes the strong confidence in this asset.
PEPE price recorded an increase of 7.25% in the last 24 hours and is currently trading at $0.000007603. The 24-hour rise and fall of this meme token is $0.000006951 and $0.000008028, respectively.
Coinglass data shows a massive increase of 8.90% in Pepe coin open interest, reaching $78.95 million, while derivative volume increased 9.14%, reaching $1.28 billion. This indicates a large increase in market activity, which is also accompanied by increased investor interest.
The RSI is close to 56, indicating that this asset is not overbought or oversold, the factors mentioned above emphasize the uptrend for the token at the moment.
For the overall market, the market appears to be recovering as bitcoin posted a moderate gain of 3% over the past day that pushed the price above $59,300 after the dovish FOMC stance.
As QCP Capital points out, Chairman Jerome Powell stated that the Fed is not considering a rate hike and announced a reduction in Quantitative Tightening (QT) from $60 billion monthly to $25 billion during the FOMC meeting.
