The price of PEPE fell 7.5 percent as large whales sold 1.4 trillion Ethereum tokens, causing a market reversal and increasing selling pressure.
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The price of #PEPE fell 7.5 percent as large whales sold 1.4 trillion #IntroToCopytrading tokens, causing a market reversal and increasing selling pressure.
The price of PEPE fell sharply on Saturday, recouping some of its earlier gains. The price fell to USD 000001088, recording a 7.5% drop in 24 hours. The fall is part of a broader market downturn, but whale activity exacerbated the situation. Large holders known as.
Whale, are converting PEPE to #ETH despite the losses, signaling a strategic investment. The move reflects the market's confidence in Ethereum, helped by the planned launch of a spot Ethereum #ETF in July.
Many market participants have compared the launch of the #bitcoin spot ETF to the launch of the bitcoin spot ETF and speculated that ethereum could experience similar growth. However, Morningstar ETF analyst Brian Armour believes that the launch of the ethereum spot ETF may not generate as much excitement as the bitcoin launch due to the different market sizes of the two cryptocurrencies.
PEPE's price struggle is due to broader market trends and significant whale activity. Large whales converting large volumes of PEPE to ETH despite losses indicate a strategic shift towards Ethereum. This shift is influenced by the expected launch of spot ETFs on Ethereum. While there are expectations that Ethereum will experience a surge similar to the launch of Bitcoin ETFs, analysts remain cautious due to market differences. The next few weeks will be crucial in determining the future of PEPE and Ethereum.
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