Whales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%

by

As a researcher with a background in finance and experience in following the crypto market, I find the recent developments surrounding Pepe Coin intriguing. The data presented indicates that whales have been accumulating large quantities of PEPE for over a month, leading to new all-time highs daily. This trend was first recommended by CoinGape, who suggested buying PEPE when it was trading at a lower price.

I’ve been observing the cryptocurrency market closely, and one intriguing development I’ve noticed is the accumulation of Pepe Coin by whales over the past month. This trend has resulted in new all-time highs for PEPE‘s price on a daily basis. According to data from IntoTheBlock, there has been an uptick in the number of wallets holding over $100,000 worth of Pepe Coin recently. Furthermore, every PEPE holder is currently in profit, indicating a bullish sentiment within the community.

The price of PEPE reached a new peak of $0.00001156 today, while CoinGape advised purchasing Pepe Coin back in early August when its value was around $0.000007079.

Whales Continue to Accumulate Pepe Coin

According to the on-chain reporting platform Lookonchain, a large investor, or “whale,” bought approximately 520 billion Pepe Coins on May 15th. This purchase suggests a potential price increase for PEPE in the future. The whale subsequently withdrew over $5.28 million worth of PEPE tokens from Binance.

A whale, who is not engaged in stock trading, has kept a substantial investment in cryptocurrency tokens for an extended period. This investor originally acquired a sum total of ten distinct tokens without ever offloading them. Lookonchain disclosed that this particular investor incurred a net loss amounting to $6.1 million, while only five tokens yielded profits, with a success rate of 50%.

Whales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%

Furthermore, BlockTower Capital, represented by a specific wallet address, bought approximately $2.2 million worth of cryptocurrency through trading firm Cumberland. Unfortunately, the primary hedge fund belonging to BlockTower Capital has suffered from fraudulent activities, resulting in partial loss of funds.

As a crypto investor, I’ve noticed the significant surge in buying activity for Pepe Coin, pushing its price to a new all-time high. However, this bullish trend may be short-lived as data from IntoTheBlock reveals an intriguing finding: 100% of PEPE traders are currently in profit. This statistic suggests that large whale investors might soon cash out their profits, increasing the likelihood of a selloff and potentially causing a price downturn.

100% of $PEPE holders are currently in profit
— IntoTheBlock (@intotheblock) May 14, 2024

PEPE Price Fall Amid Profit Booking

In the past 24 hours, PEPE‘s price dipped by 1%, reaching a current value of $0.00001035. The lowest and highest prices within this period were recorded at $0.00001004 and $0.00001156 respectively. Notably, the trading volume has dropped by 24%, suggesting a decrease in trader activity. Whales have cashed out their profits, contributing to this price decline.

As an analyst, I’ve observed a significant surge of over 100% in Pepe Coin’s value within the past month. This upward trend can be attributed to the relentless buying activities of whales in the market. However, a closer look at derivatives trading reveals a concerning trend. Massive selling is taking place across major crypto exchanges, indicating that some investors are looking to cash out their Pepe Coin holdings. To be specific, the open interest for Pepe Coin futures contracts on Binance, Bybit, BingX, and Coinbase has seen a substantial decline of approximately 15%.

    Binance Launches Two New Services for Spot and Futures Trading
    ShibaSwap Officially Goes Live On Shibarium, SHIB Price Set For Rally
    Rep. Wiley Nickel Urges SEC to Withdraw SAB 121

Read More

2024-05-15 22:28