11 May

During the current market downturn, significant crypto whales have seized the opportunity to accumulate substantial amounts of the memecoin Pepe (PEPE), with transactions amounting to approximately $5.56 million.

Is Pepe About to Jump 51%?

An on-chain analysis program called Spot On Chain revealed that a well-known cryptocurrency whale with the wallet address 0xa14 has been very active.

This investor took out $2.93 million worth of 350.2 billion PEPE from the cryptocurrency exchange Binance. The investor has now completed four transactions in a row, increasing their expected profit from the trade to $1.63 million, a 15% gain.

Additionally, this whale has taken out 1.449 trillion PEPE from Binance at an average price of $0.000007496 since March 14, 2024. The total amount spent is expected to be $10.86 million. Deposits made back into Binance thereafter totaled $6.74 million, or 789.26 billion PEPE, purchased at an average price of $0.000008542. The investor currently owns 660 billion PEPE, which is estimated to be worth $5.74 million. 

The whale has previously profited an estimated $955,000 (+33.6%) from all three of the prior PEPE trading cycles. He has a perfect winning percentage, according to Spot On Chain.

PEPE has also been amassed by other notable traders. Lookonchain reports that a another investor, 0xa4F, bought 123.66 billion PEPE at $0.00000881, or $1.09 million in USDC.

In a same vein, wallet address 0x895 removed 101 billion PEPE—roughly $885,000—from Binance. At a rate of $0.000008873, 0x24E3 invested $661,000 USDC to purchase 74.5 billion PEPE in the meantime.

These purchases took place during a significant decline in Bitcoin prices, which saw it fall by about 5% last Friday from $63,400 to $60,180. PEPE has rebounded quickly from Friday's low and has demonstrated tenacity in the face of challenges faced by the wider market. It is currently up nearly 7%.

May 2024, Cryptoniteuae

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