Crypto Whale Buys $10.4 Million in Meme Coin PEPE

A remarkable transaction has shaken the cryptocurrency market as a crypto whale reportedly invested $10.4 million into meme coin PEPE.

This substantial investment, unfolding amid a surge in market activity, has triggered intense discussion about the future of this meme-inspired digital asset.

Crypto Whale Buys 1.24 Trillion PEPE Tokens

Spot On Chain, a well-regarded crypto analytics platform, spotlighted the transaction. Details emerged about a multi-signature wallet known as 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9, which facilitated the movement of an astonishing 915.85 billion PEPE tokens from Binance.

This initial transaction was valued at approximately $7.75 million, calculated at a rate of $0.000008466 per token.

In a swift succession over the next 28 hours, the same wallet executed additional withdrawals. It amassed a total of 1.238 trillion PEPE tokens from the centralized exchange. This sequence of transactions cumulatively amounted to the eye-catching $10.4 million PEPE investment.

“Overall, the wallet has withdrawn 1.238 trillion PEPE via 2 transactions from Binance at $0.000008424 on average ($10.4 million) in the past 28 hours for the first PEPE trade. Previously, the whale had gained $146,000 (+14.2%) from one INJ trade but lost $118,000 (-8.01%) from one RNDR trade. The whale did not hold both tokens for long,” analysts at Spot On Chain said. 

Currently, PEPE exhibits promising market trends. Despite a slight 1.2% dip in the last 24 hours, the meme coin has soared by 29.70% over the last month. With PEPE trading at $0.000008532, its position above the 50-day Simple Moving Average and a healthy Relative Strength Index of 62.78 indicate a stable market sentiment, reinforcing investor confidence.