Pepe Coin Whale Bags 256B Coins Sparking Optimism, PEPE Price To Rally?
Release: 2024/06/11 22:24 Reading: 344
- Original author：Coingape News Media
- Original source：https://coingape.com/?p=201769
Amidst the volatility in the cryptocurrency market, Pepe Coin (PEPE) has garnered attention with its recent activity. Despite a decline in PEPE's price, a significant whale transaction indicates potential bullish momentum.
According to on-chain data tracking platform Scopescan, a whale recently acquired 256 billion PEPE coins, valued at approximately $2.9 million, from Bybit. This whale had previously deposited 200 billion PEPE coins to the exchange in May, following a price surge.
The latest withdrawal suggests renewed interest in PEPE, with the whale now holding a total of 291 billion coins, worth an estimated $3.5 million. This activity has fueled optimism among market participants, hinting at the possibility of major investors positioning themselves for an anticipated price increase.
Such large-scale acquisitions can signal confidence in an asset's future performance, prompting retail investors to re-evaluate their positions. While the broader market downturn has impacted PEPE's price, the strategic moves by influential players could trigger a positive shift in market sentiment. The whale's increased holding indicates a calculated accumulation of the meme coin, potentially anticipating a price recovery.
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