TLDR
- A crypto whale sold 795.92 billion PEPE tokens since August 1, making a profit of $5.06 million.
- Another whale bought 420 billion PEPE tokens during recent price dips, spending 3.13 million USDT.
- PEPE’s price dropped 12% on Sunday but recovered 10%, now trading at $0.00000823.
- Some analysts believe PEPE is poised to lead a “memeseason” rally.
- The overall crypto market saw significant drops recently, with Bitcoin falling from $59,000 to $49,000.
The cryptocurrency market has experienced notable fluctuations recently, with the popular memecoin PEPE gaining attention due to significant whale activity and price movements.
Last week, the crypto market underwent a substantial downturn, with most cryptocurrencies seeing price drops of over 20%.
Bitcoin, the largest cryptocurrency by market capitalization, fell from around $59,000 to as low as $49,000. Ethereum, the second-largest, experienced a 24% decrease, dropping below the $2,200 support level.
PEPE, a prominent memecoin, was not immune to this market trend. The frog-themed token saw its price decline by more than 28%, leading to negative sentiment among some investors. However, the token has since shown signs of recovery.
On-chain data analysis firm Lookonchain reported that a large holder, or “whale,” sold 795.92 billion PEPE tokens since August 1.
A whale deposited 400B $PEPE($4.22M) to #Binance to take profits in the past hour.
The whale withdrew 795.92B $PEPE($2.55M at the time) from #Binance on Mar 1 and currently has 395.93B $PEPE($4.18M) left.
His total profit on $PEPE is $5.85M, the ROI is 230%!… pic.twitter.com/o7T1ihjoq9
— Lookonchain (@lookonchain) August 1, 2024
This whale, who had withdrawn their holdings from the Binance exchange on March 1, sent 400 billion tokens (worth approximately $4.2 million) back to Binance.
According to Lookonchain, the whale achieved a return on investment of 230%. On Friday, the same address deposited its remaining 395.92 billion PEPE on Binance, resulting in a total profit of $5.06 million.
While some investors chose to sell, others saw an opportunity in the price dip. SpotOnChain reported that a whale identified as “cookislandstrust.eth” purchased a total of 420 billion PEPE tokens during the price retraces on August 5 and August 12.
This whale spent 3.13 million USDT to acquire these tokens at an average price of $0.000007455. At the time of the report, this investment had already yielded unrealized profits of over $170,000, representing a 5.43% gain.
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!
In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5 and 2 hours ago, now making $170K (+5.4%).
The whale also spent 7.05M $USDT… pic.twitter.com/QVnbW5AGYz
— Spot On Chain (@spotonchain) August 12, 2024
PEPE’s price has shown resilience in the face of market volatility. After dropping from $0.000008 to $0.0000076 on Sunday (a 12% decline), the token’s price surged by 10%, reclaiming the $0.000008 support level. As of the latest data, PEPE is trading at $0.00000823, marking a 2.1% increase over the past 24 hours and a 36% rise over the week.
Some market analysts are optimistic about PEPE’s prospects. A trader known as Trade4ddict noted that PEPE has been “holding well again compared to most alts” despite recent market dips.
The trader believes that PEPE “confirmed a breakout of 4 days price range” on Friday, completing what they consider a bullish setup.
Another market watcher suggested that PEPE is “looking to lead the memeseason,” highlighting the token’s strong comeback after briefly breaking below a key support level.