A whale known as “cookislandstrust.eth” has recently made a move by buying a substantial amount of PEPE meme coin during a market dip. According to data from Spot On Chain, this whale has invested heavily in both PEPE and Ethereum (ETH), betting on a potential price recovery for the meme coin.
The whale’s strategic purchases have sparked interest in the market, leading to speculation about the future trajectory of PEPE’s price.
Whale Activity and Market Impact
In the last seven days, the whale has spent a total of $3.13 million to acquire 420 billion PEPE tokens. This purchase was made in two separate transactions, including a buy during the major price drop on August 5 and another transaction just two hours before the report.
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5 and 2 hours ago, now making $170K (+5.4%).The whale also spent 7.05M $USDT… pic.twitter.com/QVnbW5AGYz
— Spot On Chain (@spotonchain) August 12, 2024
As a result of these buys, the whale’s PEPE holdings have appreciated by $170,000, representing a 5.4% gain. Moreover, the whale also invested $7.05 million to purchase 2,978 ETH around the market bottom on August 5.
This Ethereum acquisition has yielded even more returns, with the whale now making $534,000, a gain of 7.58%. This aggressive buying behavior suggests a strong belief in the potential recovery of these assets, particularly PEPE.
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Is a PEPE Rebound on the Horizon?
AltFINS’ analysis shows that the technical indicators for PEPE are mixed, although there are signals of potential bullish momentum. The price recently broke over the 200-day moving average, indicating a strong trend, and has surpassed the resistance level of $0.0000091.
If PEPE can break above this resistance, it may see more gains, perhaps reaching $0.0000113, representing a 24% increase.
However, traders should exercise caution because the overall trend remains bearish in the short and medium term. The MACD histogram shows rising bars, indicating that momentum is going to the upside.
Source: altFINS – Start using it today
The RSI indicates that PEPE is neither overbought nor oversold, meaning that there may be some potential for movement in either direction.
Read also: Kaspa Ready for Another Price Rally? Analyst Predicts KAS Top 10 Potential in 2024
Pepe’s Price Action
Per data from CoinGecko, PEPE trades at $0.057736 with a daily trading volume of $853,938,921. Despite a 10.13% decline in price over the past day, PEPE has had a 13.20% increase over the last week. This volatility reflects the uncertain market conditions but also indicates potential opportunities for those willing to take calculated risks.
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The post PEPE Whale Buys The Dip: Will The Meme Coin’s Price Rebound? appeared first on CaptainAltcoin.
