As a seasoned crypto investor with a knack for spotting trends and a penchant for memecoins, I can’t help but feel a mix of intrigue and amusement at the latest PEPE saga. The market downturns have become a bit predictable, like clockwork, and yet the opportunities they present never cease to amaze me.
Large investors in the cryptocurrency world, often called “whales,” have seized opportunities during the recent market declines, accumulating more of their preferred tokens as their prices dipped. For instance, a whale has recently purchased over 400 billion PEPE during the last market corrections, already showing potential profits from this purchase. Some cryptocurrency analysts predict that PEPE could spearhead the “meme season” following its impressive recent performance.
Whale Goes On Buying Spree
A week past, a substantial drop occurred in the crypto market, causing the prices of most cryptocurrencies to plunge more than 20%. Bitcoin (BTC) experienced a dip, going from approximately $59,000 to as low as $49,000 last Monday. On the other hand, Ethereum (ETH), the second-biggest cryptocurrency in terms of market capitalization, retreated by 24% after its price fell below its $2,200 support level.
PEPE, one of the popular meme-based cryptocurrencies, experienced a drop in value exceeding 28%, leading to concerns among certain crypto investors. However, as PEPE rebounded over the course of the week, a significant investor (referred to as a ‘whale’) chose to cash out their holdings from this frog-themed token.
According to Lookonchain’s on-chain data analysis, a large investor (whale) has been offloading approximately 795.92 billion PEPE coins since August 1. Interestingly, this same address transferred its holdings from Binance on March 1 and subsequently returned around 400 billion tokens, equivalent to roughly $4.2 million, back to the exchange.
Based on data from Lookonchain, the whale realized a significant gain of approximately 230% on their investment in PEPE tokens. Last Friday, they moved their remaining 3945.92 PEPE coins to Binance, which added up to a total profit of around $5.06 million.
On the other hand, not every investor chose to offload their holdings; instead, one entity seized the opportunity to purchase at a lower price, identified as “cookislandstrust.eth” by SpotOnChain, during the August 5 and August 12 market pullbacks.
According to the post, a whale bought 300 billion PEPE a week ago and another 120 billion tokens today. In the last seven days, this address spent approximately 3.13 million USD to purchase a total of 420 billion tokens at an average price of around $0.000007455 per token.
As an analyst, I can share that at the time this report was written, the investor had accrued approximately $170,000 in unrealized profits, representing a 5.43% increase. Moreover, it is noteworthy to mention that on August 5, the same address purchased around 2,978 Ether, equivalent to roughly $7.05 million. This transaction has already yielded over half a million dollars in unrealized gains for the investor.
PEPE Recovers 10% From Monday’s Dip
Late on Sunday evening, the value of the token dipped from approximately $0.000008 to $0.0000076, representing a 12% decrease compared to the previous day. After a significant buying period, PEPE‘s price experienced a 10% increase as it regained the $0.000008 support level following a market correction.
The token’s recovery tested the price range around $0.0000084 before pulling back to $0.0000082. This performance marks a 2.1% growth over the past day and a substantial 36% jump in the last week. Currently, it is being traded at $0.00000823, making it the third-largest memecoin by market capitalization.
Based on the insights shared by the cryptocurrency trader known as Trade4ddict, PEPE has shown resilience against many other altcoins, even during today’s market dip. In his view, this frog-themed memecoin successfully broke out of its four-day price range on Friday, thereby completing a bullish setup.
The trader believes the token is regaining its momentum following a minor adjustment. This makes him think that the next move might be a breakthrough of the widening descending wedge pattern. If this breakout occurs, it could initiate a surge towards crucial resistance levels, potentially pushing the price to a fresh record high (new all-time high, ATH).
As a researcher delving into the cryptocurrency landscape, I’ve noticed a similar perspective from another market observer regarding PEPE. They view PEPE as potentially spearheading the “meme season” due to its robust resurgence following a dip below its primary support level. This suggests a positive outlook for an upward trend.
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2024-08-13 11:11