Meme Coin Whale's New Target Became This Altcoin: Is a Possible Rally Coming?
On-chain information reveals that a crypto whale has strategically switched funds from PEPE to ETH amid growing optimism regarding the launch of the Ethereum ETF. Following the filing of eight S-1 amendment filings, this fund exchange emerged depicting optimism for ETH's future price movements. Meanwhile, it is worth noting that Pepe coin has also emerged as the talk of the crypto town lately, rising to unprecedented levels.
So, let's take a deeper look at the whale's strategic investments and what this could mean for future market performance.
Whale Directs Funds to Ethereum
According to data released by EmberCN on June 28, whale number 0x837 converted 1.4 trillion PEPE into 2,646 ETH. This transaction occurred when the trader transferred 1.4 trillion PEPE worth $18.01 million to Binance and then withdrew $9.04 million worth of ETH from the same exchange. It is worth noting that these savings were made at an average price of $3,416.
This massive accumulation of the whale occurred simultaneously with market sentiment turning towards optimism for Ethereum. This activity comes in light of recent optimism regarding the ETH ETF. One of the important developments that supported this optimism was the fact that eight companies, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco, filed for S-1 amendment.
ETFstore President Nate Geraci also stated that the ETH ETF launch is close and is expected to take place within 2-3 weeks. Meanwhile, ETH and PEPE prices experienced significant gains today.