Pepe down by another 13% as whales accumulate the token

Pepe coin (PEPE), inspired by the Pepe the Frog meme in the 2000s, is on a downward movement along with the global crypto market capitalization. As the asset’s price shows a bearish sentiment, whales have been busy accumulating.

Soon after the largest crypto exchange, Binance, stated it would list the ethereum-based memecoin, PEPE flipped FLOKI to become the third-largest memecoin by market cap with DOGE and SHIB leading the list.

Despite having no utility at this time, pepe coin has already recorded approximately 3,300% gains since its launch on April 17.

As the market-wide bear run started on May 5, however, the price of the third-largest memecoin has also been on a downtrend for the fourth consecutive day.

The pepe coin is down by 13% in the past 24 hours and trading at $0.000002 at the time of writing. Per data provided by crypto.news, the asset’s market cap has dropped to $813 million while its 24-hour trading volume recorded a 16% spike, currently standing at $1.156 billion.

On the other hand, PEPE’s price has already faced some correction over the past 19 hours, from a local low of $0.0000015 at around 18:00 UTC on May 8.

Moreover, whales are already busy accumulating the third-largest memecoin, according to data provided by Lookonchain. The largest transaction of 1.4 trillion coins, worth $2.76 million with a purchasing price of $0.000002054, was withdrawn from Binance.