Pepe (PEPE) is currently holding strong after a period of bullish sentiment amid extreme volatility. The price stability comes following substantial developments in the market. Metrics from Lookonchain show a significant rise in whale activity over the past few weeks, reflecting investors are accumulating PEPE while also engaging in profit-taking transactions.
Today, December 14, Lookonchain spotted a PEPE whale. After being dormant for almost two years, the whale deposited all his PEPE tokens to a new address. The transaction led to the whale making a profit of $52 million.
PEPE whale initiated a selling movement
The whale in question has sold all his fortune of 2.1 trillion PEPE tokens that had been untouched since April 2023. The trader originally bought the coins immediately after PEPE’s launch.
According to Lookonchain, the whale initially spent 0.0135 ETH tokens (worth $27) and bought 2.1 trillion PEPE coins and he held them until now. Today, according to the on-chain metrics tracker, the investor sold all his PEPE coins after holding them for 600 days, making a profit of $52 million.
Recent weeks have witnessed numerous dormant PEPE holdings resurface, happening at a time when the crypto is seeing robust bullishness. Just five days, ago, a Pepe address sold 121.75 billion PEPE tokens worth $3.21 million after being dominant for two months. The whale made a profit of $2.1 million by holding the crypto for two months.
The resurrection of dormant Pepe activity signals a strategic position or increasing confidence as PEPE holds its value at $0.00002426. These market activities, whether triggered by rejuvenated engagement, profit-taking, or hedging against price drops, highlight the consistency of PEPE’s early adopters. Such activity also shows minimal costs connected with transacting huge amounts of money on blockchain, a testimony to its growing infrastructure.
PEPE bullishness sees signs of correction
PEPE price rose 3.3% in the last 24 hours to trade at $0.00002425 as of 07.42 am EAT. The surge occurs amid traders heightening their trading activity on the third biggest meme coin by market cap.
With the recent growth of PEPE value, the token’s weekly performance has soared 13.6%. However, the price appears falling after seeing a rise of 18.4% in the last two weeks. The crypto seems to be in a correction mood in the short term, further supported by the fact that the asset rose by 3.1% in the past 30 days.
Meanwhile, its uptrend momentum reflects a rising bullish strength as buyers are prevailing against sellers. While PEPE positions itself to continue climbing, traders capitalize on the movement to make returns.
