Crypto Whales Buy PEPE Amid Market Dip
Cryptocurrency markets often witness large investors, known as 'whales,' make strategic moves when prices dip. In a recent development, a crypto whale identified by the name "cookislandstrust.eth" has been actively purchasing PEPE tokens. PEPE is a memecoin, themed around the popular internet frog meme.
Understanding Whale Activity
Whales, in the context of cryptocurrencies, are individuals or entities that hold large amounts of digital assets. They have the potential to influence the market due to the sheer volume of their transactions. Recently, the whale "cookislandstrust.eth" spent 3.13 million Tether (USDT) to acquire 420 billion PEPE tokens. This happened on two notable occasions: during a sell-off and a few hours thereafter, enabling the whale to secure a profit of $170,000, which translates to a 5.4% increase.
Increase in Significant Transactions
This activity isn't isolated to just one investor. Data from IntoTheBlock indicates a 161% surge in PEPE transactions exceeding $100,000 over the last 24 hours, illustrating a significant engagement from other large investors too. Such trends are indicative of a wider interest in accumulating PEPE despite current market downturns.
Comparative Market Trends
While PEPE sees increased whale interest, other memecoins like Dogecoin and Shiba Inu show differing patterns. The balance of Dogecoin's long-term holders, known as HODLers, declined, whereas Shiba Inu saw a modest rise in long-term holdings.
Why Whale Activity in PEPE Matters
The rising interest in PEPE occurs amid a volatile cryptocurrency market, where even major coins like Bitcoin and Ethereum have faced price drops. The geopolitical tensions in the Middle East, such as the Hezbollah missile attack on Israel, have contributed to these fluctuations.
However, the continued demand for PEPE suggests some investors see potential in the memecoin's future. At the time of this report, PEPE is priced at $0.000007885, reflecting a 9.42% decrease over the past 24 hours.
