- PEPE whales accumulate 480.4 billion tokens worth $8.72M, sparking market speculation.
- Whale activity raises PEPE’s 24-hour trading volume by 16.53%, despite a 3.59% price drop.
- PEPE price down 29% in a month, but whale investments suggest potential rebound optimism.
According to data from SpotOnChain, the number of whale transactions with PEPE cryptocurrency has increased recently, indicating the interest of big investors. Recently, an unknown whale purchased more than 2 billion USDC of PEPE, which is worth approximately 3.72 million USDC.
This is similar to another large transaction in which another whale bought 280 billion PEPE tokens from the Binance exchange for about $5 million. These purchases show that institutional investment in this digital asset remains high and persistent despite the recent price changes.
Such movements that transfer a lot of PEPE within the market have generated interest in the future potential of this asset. The token is known for its connection with whale investors, and their buying spree of the token might mean that they still believe in the token even after its value drops.
Whales Buy the Dip Amid Price Decline
The latest whale activity has been linked to the possibility of a PEPE price increase. The popular frog-themed internet meme coin has also seen its prices drop drastically in recent months. Over the past week alone, the token has depreciated by almost 18% and has dropped by nearly 29% in the past month. However, whales keep on purchasing the asset, which has made many in the community suspect that there is a possibility of a price increase in the future.
The whale that cashed out 280 billion tokens from Binance has lost around $1.45m in PEPE holdings and may change their approach in the future. However, the whale that purchased 200.4 billion tokens for 3.72 million USDC still holds the possibility of the token value recovery. Nevertheless, despite the recent downtrend, both whales continue speculating on the possibility of a price increase.
The Impact of Whale Activity on PEPE’s Market Sentiment
While whale activity has captured much of the public’s attention, the price has not reflected much of the changes. At press time, the price of the asset had been lowered by 3.59% within the past 24 hours. However, open interest and trading volumes within 24 hours have only experienced a small uptick, meaning there is still some fervor around cryptocurrency in the market.
The broader altcoin market sees some fluctuation and investors continue to be careful. The Fear and Greed Index (FGI) for PEPE currently is 62 meaning that the market is in a neutral state. The higher trading volume might mean that more people are getting ready for possible price action but it is still uncertain if the accumulation of the whales will result to a price rise.