06 May

Amidst heightened market activity, a significant transaction has startled the cryptocurrency community, with a crypto whale purportedly injecting $10.4 million into the meme coin PEPE. This substantial investment has sparked fervent speculation regarding the future trajectory of this meme-inspired digital asset.

Purchasing 1.24 trillion PEPE tokens, Crypto Whale

Spot On Chain, a respected crypto analytics platform, has shed light on a significant transaction involving a multi-signature wallet identified as 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9. This wallet orchestrated the transfer of a staggering 915.85 billion PEPE tokens from Binance.

The initial transaction, valued at around $7.75 million, was executed at a rate of $0.000008466 per token. Subsequently, within a span of 28 hours, the same wallet conducted additional withdrawals, accumulating a total of 1.238 trillion PEPE tokens from the exchange. This series of transactions amounted to the notable $10.4 million investment in PEPE.

According to analysts at Spot On Chain, the wallet withdrew 1.238 trillion PEPE tokens via two transactions from Binance, averaging $0.000008424 per token ($10.4 million) over the past 28 hours. The wallet also engaged in previous trades, gaining $146,000 (+14.2%) from one INJ trade but losing $118,000 (-8.01%) from one RNDR trade. Notably, the whale did not hold onto both tokens for an extended period.

Despite experiencing a minor 1.2% decline in the last 24 hours, PEPE has demonstrated impressive market performance, surging by 29.70% over the past month. With PEPE currently trading at $0.000008532, its position above the 50-day Simple Moving Average and a healthy Relative Strength Index of 62.78 indicate a stable market sentiment, bolstering investor confidence. 

May 2024, Cryptoniteuae

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