According to the cryptocurrency analysis company LookOnChain, some whales spent a total of 1,100 ETH to buy 1.56 trillion Pepe Coin tokens. In US dollars, the purchase is worth about $2.06 million. The first whale named "yougetnothing.eth" spent 600 ETH (or $1.12 million) to buy 874 billion tokens, while another whale "0x4631" spent 500 ETH (or $936,000) to buy 685 billion tokens.
On the other hand, Pepe’s price has increased by 6.6% in the past 24 hours, while the trading volume has increased by 49.5%, currently reaching $224.9 million. In addition, according to CoinGlass data, the open interest of the frog-themed cryptocurrency has increased by 3.85% and currently stands at $31.51 million. However, the weighted open interest is -0.0115%, which means that shorts are still dominant.
Despite the price increase, IntoTheBlock data shows that holders have lost 8.22% of their profits. Currently only 36% of Pepe holders are profitable, 57% are losing money, and 8% are flat. In addition, large transactions have dropped by 2.34%. This could mean that we may see another correction, as large transactions usually determine price movements.
Why did the whale buy Pepe?
The recent whale buying may have been driven by speculation that Dogecoin (DOGE) is being integrated into X. If this development materializes, whales may be anticipating a rally in the memecoin.
Additionally, it’s possible that the purchases were made during the Evil Pepe memecoin wave. Evil Pepe is a new crypto project that has raked in $640,000 in presale revenue in just over a week. Whales may be anticipating a “Pepe” rally soon. However, despite the recent rally, PEPE remains one of the worst performing cryptocurrencies among the top 100 projects in the weekly timeframe. The coin is down 12% in the past seven days and 12.6% over the last month.
