The Pepe (PEPE) coin market has seen two major buyers, referred to as “whales,” purchase an incredible 560.2 billion tokens. This development has generated a lot of talk and conjecture regarding the well-known meme coin. It was brought to light by the cryptocurrency analytics tool Spot On Chain.
Spot On Chain data indicates that these transactions coincide with a substantial comeback in PEPE prices, which have risen by almost 11% over the past day. The whales’ significant purchases align with the recent cryptocurrency price recovery following the crash, suggesting that they may be making a calculated move to take advantage of shifting market conditions.
Pepe sees bullish activity
The initial trader, denoted just by their blockchain address 0xd93, committed a substantial $3.86 million investment. This investment was spread out over 300 WTAO and 3.67 million USDC. This person is a skilled trader of PEPE; in fact, they have made profits from trading the stock that have topped $2.52 million in the past.
However, the second trader—identified by their address as 0x522—took a different course of action. This person traded in 42.08 billion Shiba Inu (SHIB), which are worth around $1.12 million, for 64 Ethereum (ETH), which is worth $224,000. The goal was to acquire 100 billion PEPE coins. Binance, one of the top cryptocurrency exchanges in the world, executed this transaction.
https://x.com/spotonchain/status/1770711216618446866?s=20
The trader in question has a noteworthy holding of PEPE now valued at $2.46 million, or 300 billion coins. Their anticipated profit from trading PEPE has increased to $4.27 million, or a whopping 145%. The cryptocurrency community has had several conversations over these two traders’ activities.
Speculators and analysts are watching the market closely to see what effects these big purchases could have. According to some, these whales’ behaviours could indicate that the PEPE market is becoming more confident, which might raise interest in and investment in the coin. Others, meanwhile, warn that the market is still fundamentally unpredictable.
