A significant development has rocked the cryptocurrency sphere, with reports of a crypto whale funneling $10.4 million into the meme coin PEPE.
This noteworthy investment, occurring amidst a flurry of market activity, has sparked intense speculation about the trajectory of this meme-inspired digital asset.
The transaction, highlighted by the reputable crypto analytics platform Spot On Chain, unveiled details surrounding a multi-signature wallet identified as 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9. This wallet orchestrated the transfer of a staggering 915.85 billion PEPE tokens from Binance.
This initial movement amounted to roughly $7.75 million, based on a token rate of $0.000008466.
In a rapid succession spanning 28 hours, the same wallet conducted additional withdrawals, accumulating a total of 1.238 trillion PEPE tokens from the centralized exchange. These sequential transactions culminated in the noteworthy $10.4 million PEPE investment.
Spot On Chain analysts elaborated, stating, «In total, the wallet withdrew 1.238 trillion PEPE via 2 transactions from Binance at an average rate of $0.000008424 ($10.4 million) over the past 28 hours for the initial PEPE trade. Previously, the whale garnered $146,000 (+14.2%) from one INJ trade but incurred a loss of $118,000 (-8.01%) from one RNDR trade. The whale did not retain both tokens for an extended period.»
Currently, PEPE exhibits promising market trends. Despite a slight 1.2% dip in the last 24 hours, the meme coin has soared by 29.70% over the last month. With PEPE trading at $0.000008532, its position above the 50-day Simple Moving Average and a healthy Relative Strength Index of 62.78 indicate a stable market sentiment, reinforcing investor confidence.
The influx of significant capital into PEPE highlights an expanding interest in niche cryptocurrencies. Indeed, these tend to benefit from robust community support and a meme-based allure. PEPE’s unique frog-themed branding has endeared it to a broad audience, contributing to its growing traction in digital currency.
Although the motives of the whale remain undisclosed, market analysts suggest that the investor might be capitalizing on the rising potential of meme coins to diversify their investment portfolio and harness nascent market opportunities.
