Is It Time To Buy PEPE? Whale Accumulates 475.3 Billion PEPE Tokens Amid Price Slump
Release: 2024/12/29 22:41 Reading: 698
Whales Display Increased Interest in Meme Coin Pepe (PEPE)
Amidst a market downturn, the popular meme coin PEPE has garnered significant attention from whales.
Whale Acquires 475.3 Billion PEPE Tokens
Despite the overall market struggles, whales have shown a strong interest in PEPE, as observed by AI, a renowned crypto on-chain specialist. Recently, a whale purchased a massive 475.3 billion PEPE coins valued at $8.2 million. This transaction by the whale, who has earned approximately $4.92 million in profits from PEPE trading over the past six months, occurred during a market dip. Notably, the whale acquired the tokens at an average price of $0.00001724 and currently holds a floating profit of $142,000.
This substantial accumulation suggests an opportune time for purchasing crypto assets while prices are low. According to data from IntoTheBlock, PEPE's market dynamics indicate a bearish trend, with a decline in open interest. This signals that long-term holders are withdrawing tokens from exchanges.
Whale's Strategy
By purchasing Pepe coins during the downtrend, the whale may intend to capitalize on price surges by selling them for short-term profit. With the large volume of tokens held, the trader can monitor market movements and maximize profits through strategic selling.
Pepe Price Analysis
PEPE has been undergoing a consolidation period, with a price decline of 6.5% in the last 30 days. It has also experienced a 4.60% decrease over the past week, underperforming the broader crypto market, which is currently down by 0.90%. The token's trading volume has also decreased by 17.7% to $1.387 billion, indicating a reduction in market activity.
Conclusion
While the market remains in a downtrend, savvy traders like the whales mentioned above are actively accumulating PEPE tokens. This buying spree could potentially lead to an upward momentum for the asset. Currently ranked 24th in market capitalization, PEPE is the largest meme coin after DOGE and SHIB.
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