As a seasoned crypto investor with a knack for spotting trends and a penchant for taking calculated risks, I find myself intrigued by this recent shift in the market dynamics. The whale moving such a massive amount of PEPE tokens towards EIGEN, a relatively new altcoin, is indeed an interesting development.
A large wallet previously filled with Pepe tokens, a popular meme coin, has been exchanged for Eigen, the token of EigenLayer, an Ethereum-based restaking protocol. In this swap, approximately 130 billion Pepe tokens were sold. This significant transaction indicates that crypto investors are shifting their focus from meme coins and moving their funds into major altcoins, aiming to capitalize on the potential gains of these assets.
According to Spot On Chain’s recent post on platform X, the “super PEPE whale” has sold an astounding $130.2 billion worth of PEPE tokens over the past three days, which equates to approximately $2.71 million. This was done in exchange for 891 ETH, with each ETH costing around $3470. The 24-hour volatility is at 1.9%, and the market cap stands at a substantial $418.33 billion. The daily trading volume amounts to $32.58 billion. The whale currently holds over 3.241 trillion PEPE tokens, which are worth more than $64.1 million. This sale has generated a profit of approximately $68.3 million for the whale, representing profits that are 12.6 times their initial investment.
On November 25th, a significant amount of PEPE, equivalent to 74.07 billion and valued at approximately $1.53 million, was sold by the whale in exchange for 448.1 ETH, according to data from Spot On Chain regarding the transaction. Subsequently, this large-scale PEPE holder employed the received Ether to acquire EIGEN tokens. Over the past two days, they exchanged 181.3 ETH for approximately 217,348 EIGEN (around $612,000). Now, the whale holds close to 1.608 million EIGEN, valued at nearly $4.31 million, resulting in a profit of around $479,000.
1) Over the past day, PEPE’s price decreased by 2.56%, and it fell further by 5.21% in the last week. This possible sell-off by a large PEPE investor could be due to realizing substantial gains. In addition, over the past month, PEPE’s value has skyrocketed by 124.34%, and it has increased an astonishing 1689% since November 2023.
Here’s one way to rephrase that:
EIGEN Price Trajectory Looks Bullish
According to CoinMarketCap’s latest report, EIGEN experienced a significant boost, reaching a price point of $3.03. This surge represents a 5.37% increase over the past 24 hours. The cryptocurrency currently holds a market cap of approximately $566.58 million and a daily trading volume of around $229.36 million, marking a 6.75% decrease in this period. EIGEN’s all-time high stands at $4.53, with the current value being 33% lower than that level.
Source: TradingView
Over the last seven days, EIGEN has experienced a significant increase of 25.78%. Over the past month, it has seen another jump of 7.57%. Conversely, since its launch in September, EIGEN has dropped by 18.04%. At present, the RSI (Relative Strength Index) on the daily chart shows a value of 55, indicating that the bulls are leading the altcoin’s price movement, though the trend line points towards further price increases.
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2024-11-25 13:03