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.

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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