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HomeNewsSplash $5.56 Million: Crypto Whales Go Big on PEPE Coin!"

Splash $5.56 Million: Crypto Whales Go Big on PEPE Coin!”

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  • During the market slump, major cryptocurrency whales made massive purchases of PEPE, with a total transaction value of almost $5.56 million.
  • Despite recent price declines and general market volatility, PEPE’s chart patterns suggest that it might rise by 51%.

Major cryptocurrency whales are taking advantage of the present slump to amass significant amounts of the meme coin Pepe (PEPE), with a total transaction value of almost $5.56 million, in an amazing example of market strategy.

This deliberate building up has occurred at the same time when the cryptocurrency markets have been generally declining, suggesting that seasoned investors may be taking a contrarian approach to investing.

Whale in Action: Big Moves in the PEPE Market

According to on-chain analysis Spot On Chain, one notable crypto whale with the wallet address 0xa14 has been active in the PEPE market. This investor took out a whooping 350.2 billion PEPE, or $2.92 million, from the cryptocurrency exchange Binance.

This deal is the investor’s fourth large one in a string, and the expected profit from these operations comes to $1.63 million, a respectable 15% rise.

This whale has been withdrawing 1.449 trillion PEPE from Binance at an average price of $0.000007496, with a total expenditure estimated at $10.86 million, continuously since March 14, 2024.

The whale resumed the transactions by returning to Binance a total of 789.26 billion PEPE, which he had purchased for an average of $0.000008542, or $6.74 million. At present, this investor has 660 billion PEPE, or about $5.74 million.

In the past three trading cycles, this investor has profited cumulatively $955,000 with PEPE, achieving a 100% success record.

With purchases like those of wallet address 0xa4F, who purchased 123.66 billion PEPE for $0.00000881, equivalent to $1.09 million in USDC, and wallet address 0x895, who withdrew 101 billion PEPE worth around $885,000 from Binance, other notable traders have also followed this pattern.

Remains Strong Despite Bitcoin’s Dip 

In the middle of these large transactions, PEPE has demonstrated resilience in a choppy market.

Even with a general bearish trend over the previous seven days—a 3.52% decline and a 2.51% drop in the most recent 24 hours to a current price of $0.000008488—PEPE has demonstrated a great comeback potential.

In light of the significant decline in Bitcoin itself last week—nearly 5% from $63,400 to $60,180—this resiliency is quite remarkable.

According to market analysts, PEPE may rise up to $0.00001330, or 51% more than its current price, based on the existing chart patterns.

Investors are cautioned to monitor important resistance levels at $0.00000890, as a daily close below $0.00000785 could nullify this bullish forecast and indicate potential falls.

Beside that, as previously reported by ETHNews, Pepe Coin has also been emphasized as a well-liked memecoin on the Ethereum network because of its much larger transaction volume than rivals, which has cemented its market share.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Syofri
Syofri
Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: info@ethnews.com Phone: +49 160 92211628
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