A crypto whale has capitalized on the current decrease in Ethereum prices to boost his crypto investments. The big investor sold 74.07 billion PEPE tokens (valued at $1.53 million) and bought 448.1 ETH today when ETH prices were trading down. That is according to data that Lookonchain shared on November 25, 2024.
Meanwhile, the trader is still accumulating EIGEN. In the last two days, he sold 181.3 ETH for 217,348 EIGEN tokens (worth $612,000). The whale currently holds 1.608 million EIGEN tokens ($4.31 million) with a $479,000 profit (11%).
PEPE price at risk
Pepe is facing the danger of witnessing a price slump as the big investor has sold $1.53 million worth of PEPE coins. Lookonchain further disclosed that in the past three days, the whale sold 130.2 billion PEPE tokens (worth $2.71 million) for 891 ETH. According to Lookonchain, the trader still holds 3.241 trillion PEPE tokens with a $64.1 million profit.
Pepe is currently trading at $0.00002015, 2.1% down in the last 24 hours while in the last seven days, it is 4.20% down.
The move by the trader signals that Ethereum is attracting the attention of crypto whales who are currently increasing their Ether holdings. The concentration of Ethereum by big holders has reached 60%, reflecting that the percentage of circulating supply held by large investors is rising.
While big investors are strategically accumulating Ether holdings, their next move is interesting.
EIGEN becoming an attractive investment
The trader is not the only one purchasing EIGEN tokens. Currently, Eigen is drawing the attention of whales as an increasing number of big investors are accumulating the tokens in huge quantities. This intentional buying signals a robust belief in the asset’s growth potential. By strategically increasing their positions in Eigen holdings, their actions reflect a deliberate move that goes beyond speculation
Big investors are not just limited to Bitcoin and Ether as their investments touch various cryptocurrencies. Their significant holdings of Eigen tokens contribute to the asset’s rising trading volume. EIGEN is 21.20% up in the past seven days, making it outperforming the global crypto market which is currently up by 8.40%.
Large investors typically exploit price discrepancies across various cryptocurrencies by purchasing tokens at lower prices and selling them at higher prices.
