Here’s Why PEPE Price Has Been Struggling Over The Weekend
Release: 2024/06/30 21:00 Reading: 593
PEPE Token Price Slumps as Whale Movement Exacerbates Market Downturn
On Saturday, the price of PEPE experienced a significant drop, reversing some of its earlier gains. Specifically, the decline witnessed PEPE fall to $0.00001088, representing a 7.5% decrease within 24 hours. While PEPE's price struggles are attributed to the broader market correction, recent whale activity appears to have intensified the situation.
A notable PEPE whale, identified by the address "0x837," recently offloaded a substantial amount of PEPE tokens in exchange for ETH. On-chain data reveals that a single wallet swapped over 1.4 trillion PEPE tokens for ETH, contributing to the downward price pressure.
Speculation Surrounding Potential Spot Ethereum ETF Approvals
According to TheDataNerd, a prominent on-chain data provider, the PEPE whale "0x837" implemented a strategic shift by converting $18 million worth of PEPE into Ethereum over the weekend. Such a large exit is seen as a clear bearish signal for PEPE. The acquired Ethereum holdings were subsequently staked on the Compound protocol, indicating a long-term investment strategy.
Furthermore, the whale deposited 300 billion PEPE, valued at approximately $3.85 million, into the cryptocurrency exchange Binance. This deposit incurred an estimated $1.73 million loss for the whale. Notably, this was not an isolated incident.
The whale had previously deposited 1.1 trillion PEPE tokens, worth $14.42 million, into Binance, which were likely also converted into ETH. Consequently, the whale has deposited a total of 1.4 trillion PEPE on Binance within the past two days.
On-chain data also shows that the whale "0x837" withdrew 1,728 ETH, equivalent to $5.86 million, from Binance, increasing its total accumulation to 4,374 ETH, valued at $14.91 million, over the past two days.
The Significance of the Whale's Actions
The whale's decision to convert all of its PEPE holdings into ETH, despite incurring a loss, suggests a deliberate strategic investment choice. This action reflects the market's growing confidence in Ethereum, particularly in light of the potential launch of Spot Ethereum ETFs in July.
Many market analysts have drawn comparisons to the events surrounding the launch of Spot Bitcoin ETFs, speculating that Ethereum could experience a similar surge in demand. However, ETF analyst Bryan Armour cautions that the launch of Spot Ethereum ETFs may not generate the same level of excitement as Bitcoin, due to differences in the market sizes of the two cryptocurrencies.
As of writing, PEPE is trading at $0.00001129, having recovered slightly from Saturday's lows. However, the meme token has declined by 3.58% and 3.77% over the past 24 hours and seven days, respectively. Ethereum has also experienced a 3.2% drop in the past seven days, and is currently trading at $3,390.
Recent news
More>- Homosexual Pepe Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- BTFD Presale Captivates Investors in the Best New Meme Coin Presales for Significant Returns as PEPE and SPX6900 Dominate the Scene Fuel the... 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- The Metrics Pointing to Massive Potential for WIF, JASMY, and PEPE in 2025 01-01
- BTFD Coin’s Presale is Unmissable Amid Pepe and Moo Deng’s Crypto Hype: Best Meme Coin Presales to Join This Week 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Ahead of Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- Crypto Gems for the Next Quarter: Top 5 Tokens to Watch 01-01
- Why $PEPE Jumped 20% Today And Which Coin Could Be Next 01-01
- Best New Meme Coins to Join for Short Term: BTFD Raises $4.7M in Presale as BONK Boasts Low-Cost Transactions and PEPE Enjoys Steady Followi... 01-01
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Missed Pepe Unchained? Don’t Worry, This New Pepe-Themed Meme Coin Will Produce Bigger Gains in 2025
- 8 Top 4 Altcoins At 70% Discounts – Last Chance!
- 9 Smart $Pepe trader makes $11.7M profit during Market Drop
- 10 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com