As a seasoned researcher with a knack for deciphering market trends, I find myself intrigued by the recent surge in PEPE, a meme coin that has caught the attention of both retail and institutional investors alike. The 109% increase in large transaction volume, as reported by IntoTheBlock, is an unmistakable sign of whale activity, a phenomenon I’ve come to recognize as a potential market-mover over the years.
Based on data from IntoTheBlock, there’s been a significant surge (109%) in large transactions involving the token PEPE, suggesting increased whale activity.
As an analyst, I observed a significant surge in the large transaction volume of PEPE over the past 24 hours, reaching approximately $71.19 million. Remarkably, this figure represents a substantial 109.81% jump compared to the transaction volume recorded the day before.
In simpler terms, IntoTheBlock categorizes transactions as large when they exceed $100,000. The Large Transaction Volume metric calculates the total value of trades made by big players like whales and institutions in a specific day.
Frequent rises in the number of significant transactions often suggest that institutional investors are actively participating, either by purchasing or offloading assets.
Yesterday marked a significant event for the meme coin PEPE as Upbit, South Korea’s leading cryptocurrency exchange, introduced USDT trading pairs for PEPE and another meme coin.
Kraken, a significant U.S. cryptocurrency trading platform, has additionally made accessible a new Euro margin trading pair featuring the token PEPE.
PEPE price dips
Currently, the value of PEPE has decreased by 1.50% over the past 24 hours, putting it at $0.000007695. This is a drop from its highest point yesterday of $0.00000829. The increase in price of PEPE, which rose from $0.0000076 to as high as $0.00000829, can be attributed to the market’s reaction following PEPE’s recent listings on significant cryptocurrency exchanges.
It’s quite possible that whales (large investors) responded to the news, as suggested by the significant increase in trading activity observed in the past 24 hours.
The drop in PEPE price comes amid the crypto market’s lackluster trading, as investors await the release of minutes from the latest Federal Reserve meeting.
At their latest gathering, the Federal Reserve chose not to adjust interest rates. However, they subtly suggested the possibility of a rate reduction in September.
Following the recent meeting, economic apprehensions and speculations about a potential slowdown have sparked debates over whether the Federal Reserve could have reduced interest rates earlier. Nevertheless, recent retail sales statistics and jobless claims figures revealed last week have eased investors’ worries.
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2024-08-21 18:23