Taking advantage of PEPE’s price dip, an anonymous whale known as “cookislandstrust.eth” has been on an accumulation spree. In the past seven days, the whale spent a total of 3.13 million USDT to purchase 420 billion $PEPE in two transactions. On-chain data revealed that the first transaction was initiated during the big market dump on August 5, with another purchase made recently. The move resulted in a windfall of $170,000, a 5.4% gain.
Besides PEPE tokens, the whale also took advantage of the market downturn on August 5 to load up 2,978 ETH, buying 7.05 million USDT. With this move, the large-scale holder has amassed an unrealized gain of $534,000, amounting to a 7.58% increase.
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%).
Market enthusiasts and traders are keeping a close eye on “cookislandstrust.eth” maneuver. Typically, whale’s buying activity is largely perceived as a bullish signal, as it suggests a growing optimism that the price of the asset will rise in the future.
PEPE’s Price Dip
The development comes at a time when the popular frog-themed meme coin has seen extreme volatility Despite the rapid swings, PEPE continues to attract the attention of large investors. This could indicate growing confidence in the token’s long-term prospects, potentially leading to increased interest from other investors.
Additionally, the whale’s decision to cash in on the largest altcoin Ethereum during a market downturn suggests a strategy to diversify his portfolio and a belief in ETH’s status as a safe-haven asset. This further solidifies Ethereum’s dominance in the crypto market.
Overall, the whale’s significant profits from both PEPE and ETH investments demonstrate the potential rewards of timing the market correctly. However, it’s essential to note that such profits are not guaranteed and involve significant risk. While the actions of such large investors can provide valuable insights into market sentiment, it is always imperative to conduct thorough research before making investment decisions.