In the midst of a market downturn, major crypto whales have seized the opportunity to accumulate significant quantities of the meme coin Pepe (#PEPE), with transactions totaling around $5.56 million. This buying spree aligns with the overall decline in the cryptocurrency market.
Is Pepe Set to Surge by 51%?
According to Spot On Chain, an on-chain analysis platform, a notable crypto whale, identified by wallet address 0xa14, has been particularly active. This investor withdrew 350.2 billion PEPE, valued at $2.93 million, from the cryptocurrency exchange Binance. This transaction is the fourth in a series for the investor, culminating in an estimated total profit of $1.63 million, which is a 15% gain.
Since March 14, 2024, this whale has withdrawn a total of 1.449 trillion PEPE from Binance, at an average price of $0.000007496, with total expenditures estimated at $10.86 million. Subsequent deposits back into Binance totaled 789.26 billion PEPE, acquired at an average price of $0.000008542, amounting to $6.74 million. Currently, this investor holds 660 billion PEPE, valued at approximately $5.74 million.
Spot On Chain noted, "Previously, the whale had earned an estimated cumulative profit of $955,000 (+33.6%) from all three previous PEPE trading cycles. He has a win rate of 100%."
Other significant traders are also accumulating PEPE. Lookonchain reported that another investor, identified as 0xa4F, purchased 123.66 billion PEPE at $0.00000881, totaling $1.09 million in USDC. Similarly, wallet address 0x895 withdrew 101 billion PEPE, valued at about $885,000, from Binance. Meanwhile, 0x24E3 invested $661,000 USDC to purchase 74.5 billion PEPE at a rate of $0.000008873.
These acquisitions coincided with a notable decrease in Bitcoin's price, which dropped nearly 5% from $63,400 to $60,180 last Friday. Despite the broader market's downturn, PEPE has demonstrated resilience and a rapid recovery, currently showing an increase of nearly 7% from Friday’s low.
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