420 Billion Pepe (PEPE) Movement Shocks the Crypto Community đ±
A significant whale has made notable moves with Pepe (PEPE), a highly popular meme coin, sparking considerable attention in the crypto market. This activity has particularly caught the community's eye at a time when PEPE's price struggles to climb.
According to Spot On Chain, a crypto whale identified as âcookislandstrust.ethâ has been actively purchasing Pepe coins today. This isn't the first time this large investor has acquired the meme coin. The on-chain tracking service highlighted several recent purchases by the whale.
Pepe Whale Fuels Buying Frenzy
Over the past week, this whale has acquired a staggering 420 billion PEPE tokens in two separate transactions, using approximately 3.13 million USDT. The first purchase occurred during the significant crypto market crash on August 5, with the second one taking place just a few hours ago.
The whale is clearly capitalizing on the dips as PEPE's price continues to decline today. Currently, PEPE is trading at $0.000008172, reflecting a 4.95% drop in the past 24 hours. Pepe's market capitalization has also decreased by 4.4%, standing at $3.46 billion. Despite the downward trend, Spot On Chain reports that the whale has already made a profit of $170,000, representing a 5.4% gain on the initial investment.
Whale Turns Bullish on Ethereum
In addition to the PEPE purchases, the same investor has shown bullish sentiment towards Ethereum (ETH), the second-largest cryptocurrency by market capitalization. The whale spent nearly 7.05 million USDT to acquire 2,978 ETH during the market downturn on August 5.
This Ethereum purchase has already yielded a profit of around $534,000, an increase of 7.58% on the initial investment. Overall, these actions suggest growing investor confidence in both PEPE and ETH, indicating strong bullish signs for both assets.
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