Here’s Why PEPE Price Has Been Struggling Over The Weekend

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As an analyst with a background in crypto market analysis and on-chain data interpretation, I’ve been closely monitoring the recent price movements of PEPE and Ethereum. The sudden and significant price decline of PEPE, which saw it fall to $0.00001088 on Saturday, is a concerning development for investors in this meme token.

As an analyst, I’ve observed a significant drop in PEPE‘s price on Saturday, with the token reaching a low of $0.00001088 – a 7.5% decrease within the last 24 hours. This decline can be linked to the broader market downturn; however, recent whale activities appear to have intensified PEPE’s price problems.

A large crypto investor recently transferred an enormous quantity of PEPE tokens, approximately 1.4 trillion units, in exchange for Ethereum (ETH). This transaction has significantly influenced the market, leading to a decrease in PEPE’s value due to the influx of sold tokens.

Anticipation Building For ETH Spot ETF Approvals

As an analyst examining on-chain data from TheDataNerd, I’ve noticed that the significant PEPE whale, identified by the address “0x837,” executed a strategic move over the weekend, transferring approximately $18 million worth of PEPE into Ethereum. This sizable transaction represents a bearish sign for PEPE. Following this exchange, the Ethereum acquired was deposited into the Compound protocol for staking. This action indicates a long-term investment commitment on the part of the whale.

According to on-chain information, a large investor (referred to as a whale) has transferred approximately 300 billion PEPE tokens, equivalent to around $3.85 million, into the cryptocurrency exchange Binance. However, this transaction resulted in an estimated loss of nearly $1.73 million for the whale due to market conditions at the time of deposit. It is important to note that this deposit was not an isolated incident.

As a crypto investor, I can tell you that a significant player in the PEPE market, often referred to as a “whale,” initially transferred approximately 1.1 trillion PEPE tokens, equivalent to around $14.42 million, into Binance. It’s reasonable to assume that these tokens were also exchanged for Ethereum (ETH) during this transaction. More recently, within the past two days, I have observed this whale depositing an additional 1.4 trillion PEPE tokens onto Binance.

Over the past two days, data from the blockchain reveals that the whale identified as “0x837” withdrew approximately 1,728 ETH, equivalent to around $5.86 million, from Binance. This latest withdrawal adds to its current holdings of roughly 4,374 ETH, valued at over $14.91 million.

The whale 0x837 already switch all $PEPE into $ETH.
Three hours ago, he removed $5.86M worth of ETH (1,728 $ETH) from Binance. Over the past two days, his total acquisition of ETH amounted to $14.91M (4,374 $ETH).
Those $ETH were staked into #Compound.
— The Data Nerd (@OnchainDataNerd) June 29, 2024

Here’s Why PEPE Price Has Been Struggling Over The Weekend

Anticipated Launch Of Spot Ethereum ETFs

The choice made by this whale to swap all its PEPE tokens for Ether, even at a loss, indicates a well-planned investment strategy. This move underscores investors’ faith in Ethereum, bolstered by the upcoming launch of Spot Ethereum ETFs in July.

Several market players have noted the resemblance between the introduction of Spot Bitcoin ETFs and the potential implications for Ethereum. However, Bryan Armour, a Morningstar analyst specializing in ETFs, anticipates that the debut of Spot Ethereum ETFs may not elicit the same magnitude of enthusiasm as Bitcoin did previously. This is largely due to the disparity in market capitalization between the two cryptocurrencies.

As I pen down this text, PEPE is priced at $0.00001129 on the market. There has been a slight improvement from its Saturday lows. Nevertheless, PEPE’s value dropped by 3.58% in the last 24 hours and 3.77% over the past week. Ethereum, on the other hand, has seen a decrease of 3.2% in value during the last seven days and is now being traded at $3,390.

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2024-06-30 16:11