Why PEPE Price Has Struggled Over the Weekend

PEPE plummeted on Saturday, reversing some of its gains from the week. PEPE fell 7.5% in 24 hours to $0.00001088, a price drop. PEPE's pricing issues are part of the market decline, but whale migration may have worsened them.

Recently, a crypto whale sold a lot of PEPE tokens for ETH. On-chain data suggests a single wallet traded over 1.4 trillion PEPE tokens for ETH, lowering price.


Expectations for ETH Spot ETF Approval
TheDataNerd reported that a PEPE whale, identified as “0x837,” switched over $18 million to Ethereum over the weekend. A massive departure is bearish for PEPE. Staked Ethereum assets in the Compound protocol indicate a long-term investment.

The whale deposited 300 billion PEPE, worth $3.85 million, into Binance, according to on-chain statistics. This deposit cost the whale $1.73 million. Interestingly, this deposit was ongoing.

The whale deposited 1.1 trillion PEPE tokens worth $14.42 million to Binance, which were presumably converted to ETH. Thus, this whale has deposited 1.4 trillion PEPE on Binance in two days.

Over the previous two days, whale “0x837” withdrew 1,728 ETH worth 5.86 million from Binance, bringing its total of 4,374 ETH worth $14.91 million.

Despite losing money, this whale converted all of its PEPE holdings into ETH, suggesting a purposeful investment choice. Market confidence in Ethereum is boosted by the probable introduction of Spot Ethereum ETFs in July.

Many market players have compared Ethereum to Spot Bitcoin ETFs and predicted a similar increase. Bryan Armour, an ETF analyst at Morningstar, thinks Spot Ethereum ETFs may not be as exciting as Bitcoin because of their market sizes.

PEPE is trading at $0.00001129, up marginally from Saturday's lows. The meme token has fallen 3.58% and 3.77% in 24 hours and 7 days, respectively. Ethereum fell 3.2% in the previous week to $3,390.

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