- The PEPE memecoin, despite an 11% downturn over the last seven days, witnessed a significant transaction, with a ‘smart money’ investor extracting 677 billion tokens.
- Past behavior of such investors could imply a potential big move for PEPE coin in the near future, causing speculations to rise.
Even in the notoriously volatile landscape of meme coins, recent developments around the frog-themed PEPE coin stand out. Over the past week, despite trading in red and recording a nearly 11% dip, according to CoinMarketCap, PEPE coin witnessed an extraordinary on-chain activity that might suggest significant shifts on the horizon.
Whale Moves Amid PEPE’s Downtrend
The downward trend could have disrupted many traders’ strategies, yet it has also sparked some peculiar investor behavior. In a remarkable transaction reported by Lookonchain on July 27, a ‘smart money’ investor – a term denoting well-informed and experienced investors with substantial capital – moved a staggering 677 billion PEPE tokens from Binance. Given the purchase price of $0.000001385 per token, this transfer had a value of around $901,000.
A SmartMoney deposited 500 $ETH ($937K) to #Binance and withdraw 677B $PEPE ($941K) an hour ago, the buying price is $0.000001385.
He spent 100 $ETH ($187K) to buy 134B $PEPE on May 1 and withdrew 122B $PEPE ($130K) from #OKX 12 hours before #Binance announced listing $PEPE. pic.twitter.com/rbWlxECAZc
— Lookonchain (@lookonchain) July 27, 2023
Such significant actions by ‘smart money’ investors often signal forthcoming changes in market dynamics. Given the falling PEPE prices, this investor might have capitalized on the dip in anticipation of potential upturns, a speculation fueled by the history of meme coins where sudden leaps often follow troughs.
Echoes from the Past
What further fuels speculation is a pattern in this investor’s past behavior. In the run-up to PEPE coin’s listing on Binance, this very investor was known to go on an accumulation spree. In fact, 122 billion PEPE tokens were withdrawn just 12 hours before Binance officially announced the listing. This past action suggests that a significant move for PEPE could potentially be underway.
Data from Santiment, a leading blockchain data and analytics platform, corroborates these speculations. Large holders of PEPE have capitalized on the dip in prices over the past week, increasing their holdings. The supply held by non-exchange addresses has notably diverged from the price action, implying that the whales might be planning something big.
However, as the ‘smart money’ movements stir speculation, the exact trigger for a potential upturn in PEPE’s fortunes remains uncertain. For now, all eyes are on the upcoming actions of these ‘smart money’ investors and the ripples they may cause in the PEPE coin market.
