- 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.
10 hours ago, Smart trader 0xa14 withdrew 350.2B $PEPE ($2.92M) from #Binance at the dip!
This trader is really good at swing trading $PEPE, having earned a cumulative est. profit of $2.59M from the token (win rate: 100%)!
Current holding: 660B $PEPE ($5.74M).
Follow… pic.twitter.com/9MTBk1nUxj
— Spot On Chain (@spotonchain) May 11, 2024
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.