The price of Pepe Coin (PEPE), a popular meme coin within the cryptocurrency ecosystem, has seen a substantial rally, climbing to $0.000007386 on Tuesday. This surge in value, amounting to a 3% increase, is largely attributed to significant accumulation by large-scale investors, commonly referred to as "whales," alongside renewed support from Binance, one of the leading cryptocurrency exchanges.

PEPE/USD 24-hour price chart (source: CoinMarketCap)

Whale Movements and On-Chain Metrics

Data from Lookonchain, a crypto intelligence tracker, highlighted a significant whale activity wherein large wallet addresses have been accumulating PEPE in vast quantities. Notably, one whale withdrew 184.4 billion PEPE tokens worth approximately $1.02 million from Binance, boasting an unrealized gain of $155,000. 

Another account was reported to have purchased 840.86 billion PEPE tokens for nearly $5 million, while a different wallet invested $2 million in stablecoins to acquire 340.86 billion PEPE tokens on the exchange platform.

This pattern of whale accumulation appears to be a driving force behind PEPE's recent price gains. On-chain metrics, such as Active Addresses and Network Growth, further support the optimistic outlook for the meme coin, indicating a sustained interest and potential for continued rally. Despite substantial profit-taking by large wallet investors, with PEPE holders realizing gains of $37.06 million on March 3 and $34.09 million on March 4, the price momentum remains positive.

Binance Extends Support for Pepe Coin

Adding to the bullish sentiment around PEPE, Binance announced the introduction of new trading pairs for the meme coin, significantly boosting investor enthusiasm. The exchange's decision to list PEPE/FDUSD among other pairs is a testament to Binance's recognition of Pepe Coin's potential and its commitment to enhancing the trading experience for its users. This move not only bolsters investor confidence but also marks a pivotal moment in the digital asset's journey, further propelling its market performance.

The recent developments surrounding Pepe Coin underscore the critical role of exchange support in elevating the value and adoption of cryptocurrencies. Binance's endorsement of PEPE adds credibility to the meme coin and highlights its growing significance within the broader crypto market.

Market Response and Outlook

The market responded positively to the news on Monday, with Pepe Coin's price experiencing a remarkable 70% surge, positioning it as one of the top performers on March 4. The rally is part of a broader uptrend in the meme coin sector, driven by positive market sentiment and strategic support from leading exchanges like Binance.

Concurrently, the cryptocurrency community is closely monitoring PEPE's performance, especially in light of its recent gains and the potential for further volatility. With the meme coin sector gaining momentum and exchange endorsements playing a crucial role in shaping market dynamics, the future trajectory of Pepe Coin remains a focal point of interest among investors.