Earlier this week, the cryptocurrency market was highly volatile, and the shift in attention of super Pepe Coin whales to EIGEN sparked significant market discussion. Notably, on-chain data indicates that PEPE whales sold off $130 billion and simultaneously diversified their portfolios by purchasing over 200,000 Ethereum-based tokens.
Against the backdrop of a decline in meme coins and a rise in EigenLayer ecosystem tokens, this position swap has sparked speculation about the future trends of these tokens.
Super Pepe Coin whales are refocusing their investments, acquiring EIGEN.
According to whale data from Spot On Chain as of November 25, during the recent price decline, a super whale sold 74.07 billion Pepe Coins for $1.53 million at a price of 448.1 ETH. Notably, the same whale has offloaded meme coins worth $2.71 million for 891 ETH in the past three days. While this large-scale sell-off has created market tension, it is worth noting that this super whale still holds 32.41 trillion Pepe Coins, with a profit of 12.6 times, amounting to $68.3 million.
However, the same whale also focused on purchasing EIGEN, exchanging 181.3 ETH for 217,348 Ethereum-based tokens over the past two days. This whale currently holds 1.608 million EigenLayer tokens, valued at $4.31 million, with an 11% profit. Overall, this trade swap has generated great optimism regarding the major tokens of the EigenLayer ecosystem, while market observers closely monitor this leading meme token.
PEPE and EIGEN price trends are diverging.
Although the price of meme coins has declined, in line with the sell-off by super Pepe Coin whales, the rise of Ethereum-based tokens has been fueled by buying pressure. The price of PEPE has dropped 2% intraday and 5% over the week, trading at $0.00002026. Its 24-hour low and high are $0.00001918 and $0.00002086, respectively.
Meanwhile, the price of EIGEN surged nearly 7% intraday and 23% over the week, reaching $3.06. The 24-hour low and high for the token are $2.56 and $3.07, respectively. Despite a significant accumulation by cryptocurrency market participants, optimism remains about Ethereum-based tokens, while the substantial remaining holdings of PEPE add an element of mystery to the future price trends of the leading meme token.
Interestingly, CoinGape Media's recent price analysis of Pepe Coin shows that this meme coin has a target price of $0.000025 and significant upside potential. This optimistic forecast comes against the backdrop of a bullish technical pattern on the price chart of the frog-themed cryptocurrency. As the market continues to exhibit price fluctuations, market observers remain focused on the future price trends of these two currencies.
