A cryptocurrency whale has been buying Pepe PEPE/USD on the cheap, taking advantage of the frog-themed memecoin’s recent drops to stock up.
What Happened: According to on-chain tracking platform Spot On Chain, a wealthy investor named, “cookislandstrust.eth”, has been aggressively accumulating PEPE
In the last week, the whale spent 3.13 million Tether USDT/USD to buy 420 billion PEPE on two occasions, including last week’s Monday sell-offs and again in the last few hours. This netted the trader a profit of $170,000, marking a 5.4% increase.
However, the buying activity was not restricted to a single whale. The number of on-chain PEPE transactions worth more than $100,000 swelled 161% in the last 24 hours, according to IntoTheBlock, representing significant engagement from large investors. Holdings of long-term PEPE investors rose 0.07% in the last 24 hours, indicating accumulation.
In contrast, the largest memecoin by market cap, Dogecoin DOGE/USD, saw a decline in HODLers balance. Shiba Inu’s SHIB/USD long-term holdings rose at a weaker pace in the last 24 hours.
Why It Matters: Whale interest in PEPE comes amid a turbulent time in the cryptocurrency market. Leading coins, including Bitcoin BTC/USD and Ethereum ETH/USD, recorded a significant drop on Sunday, as geopolitical tensions escalated in the Middle East following Hezbollah’s missile attack on Israel.
However, PEPE’s demand in the face of this downswing reflected investors’ confidence in the long-term potential of the memecoin.
Price Action: At the time of writing, PEPE was exchanging hands at $0.000007885, plummeting 9.42%% in the last 24 hours, according to data from Benzinga Pro.
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