PEPE Skyrockets 109% in Activity Metric as Whales React to New Listings
Release: 2024/08/21 23:14 Reading: 364
Headline: Pepe (PEPE) Sees Surge in Large Transaction Volume, Signaling Whale Activity
Article:
According to IntoTheBlock data, PEPE is experiencing a notable increase in large transaction volume, indicating activity from institutional players. Within the past 24 hours, PEPE's large transaction volume has reached $71.19 million, marking a 109.81% increase from the previous day.
IntoTheBlock defines large transactions as those exceeding $100,000. The Large Transaction Volume metric estimates the total amount traded by whales and institutional participants on a given day.
Increases in large transaction volume often suggest significant activity from institutional investors, either in buying or selling.
In recent news, Pepe has gained major listings on cryptocurrency exchanges. Upbit, South Korea's largest crypto exchange, announced the addition of USDT trading pairs for Pepe on Wednesday. Additionally, Kraken, a prominent U.S. crypto exchange, has introduced a new EUR margin pair for PEPE.
At the time of writing, PEPE's price has dipped 1.50% in the last 24 hours to $0.000007695, retracing from yesterday's high of $0.00000829. The initial surge in PEPE's price followed the announcement of its new listings on major crypto exchanges.
Whales likely contributed to this price movement, as evidenced by the surge in large transaction volume over the past day. However, a broader lackluster trading environment in the crypto market, as investors anticipate the release of minutes from the Federal Reserve meeting, has contributed to the recent dip.
The Fed left interest rates unchanged at its last meeting but hinted at the possibility of a September rate cut. Economic uncertainty and concerns about an economic slowdown have raised questions about whether the Fed should have cut interest rates sooner. Recent data, including retail sales figures and weekly initial jobless claims, has somewhat calmed investor anxieties.
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