Memecoins have been struggling in recent times as the frenzy faded away. The memecoins, especially those on Solana, crashed hard due to scrutiny as pump-and-dump schemes associated with these volatile assets rose. For instance, the scenario of the Cuban-linked memecoin CUBA and LIBRA exposed risks associated with meme-based cryptos. 

But Pepecoin (PEPE) seems to be highlighting a return of the memecoin frenzy as it surges following whale accumulations. Whales are on a PEPE buying spree and could push the prices further. A move of this manner could result in more demand for Pepecoin as well as other memecoins after weeks of turmoil. 

Whales Recently Bought $4.3B Worth of PEPE 

Investors seem to be returning to Pepecoin based on recent reports. According to on-chain data tracking platform Lookonchain, three wallets recently made PEPE purchases hence depicting heightened demand. The three whales with wallet address 0x77…cc96, 0x7A…022F and 0x92…9f04 made a total purchase of 689.79B Pepecoin. 

3 wallets bought 689.79B $PEPE($4.3M) ~11 hours ago.

The funds of these 3 wallets all come from #TornadoCash.

0x7A7D spent 1,413.4 $ETH($2.72M) to buy 437.7B $PEPE.

0x9212 spent $1M to buy 158.58B $PEPE.

0x7779 spent 299 $ETH($574K) to buy 93.51B $PEPE.

Address:… pic.twitter.com/rhFpg3X8wv

— Lookonchain (@lookonchain) March 12, 2025

Out of these coins, the whale with wallet 0x7A…022F bought 437.7 Billion PEPE. These coins were worth 1,413.4 $ETH which was worth $2.72M as of the time of purchase. The second whale with wallet address 0x92…9f04 made a purchase of 158.58B .PEPE. This whale spent $1 Million to buy these coins. 

Additionally, the third whale with address 0x77…cc96 bought 93.51B Pepecoin. This whale spent 299 $ETH which was worth $574K to make the purchase. “The funds of these 3 wallets all come from TornadoCash,” wrote Lookonchain, raising questions about whether the purchases could be associated with the hackers that stole $1.4 Billion from ByBit. 

Whale Buying Sparks Optimism Leading to 12% Pepecoin Pump

Following the recent accumulation of 689.79 Billion Pepecoin by three whales, the price of PEPE has responded positively. Historically, the price of cryptocurrencies surges upon whale accumulation as it signifies increased demand. Additionally, fear of missing out (FOMO) plays a role in pushing the price upwards as whales buy and PEPE is no different. 

Currently, Pepecoin is trading at $0.056727 as per data on Coinmarketcap. The current price depicts a 12.27% surge on the day. However, on the weekly time frame PEPE is down by over 4%. Nonetheless, the recent price performance of Pepecoin is quite impressive and could signify return of memecoin demand. 

Trading activity around Pepecoin is on the downside as the price pumps. The frog-themed memecoin has recorded $990.44 Million in trading volume in the last 24 hours. The current trading volume has recorded a slight dip of 1.13% in the same period. 

A surge in trading volume with price pumping could depict buying pressure is picking up pace with a potential for higher prices in the near future. In the current conditions, if buyers fail to push the price further, PEPE could shift to a downward trend. 

Analyst Believes PEPE has ‘Solidified Itself for the Long-term’

Memecoin enthusiast and analyst Davie Satoshi expressed recently that Pepecoin is performing relatively well amidst the recent crypto and memecoin crash. “Compared to the other altcoins and memecoins, I think $PEPE has relatively stood pretty strong during this blood bath,” Davie wrote on X. 

He further added that he is more “convinced that this meme coin has solidified itself for the long term.” According to Davie, this means that he sees potential for the frog-themed memecoin to attract more investors which could see it at the top in future. 

Additionally, the memecoin analyst added that if Pepecoin forms support at the current price level, it could soar more. But memecoins should be approached with extreme caution as they are very volatile.