MEXCWhales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%
Highlights
- Whales purchased 720 billion Pepe Coin speculating further upside movement in PEPE price.
- PEPE saw profit booking as 100% of traders were in profit.
- PEPE price fell over 1% in the past 24 hours, with derivatives trading reveals massive selling.
Whales have been accumulating Pepe Coin for over a month that led to PEPE price hitting new all-time highs daily. As per IntoTheBlock data, wallet addresses with over $100K have increased their Pepe Coin holdings in the last few days and 100% of PEPE holders are currently in profit.
PEPE price hit an all-time high of $0.00001156 today and CoinGape recommended buying Pepe Coin when it was trading at $0.000007079 almost a month ago.
Whales Continue to Accumulate Pepe Coin
On-chain platform Lookonchain reported a whale purchased 520 billion Pepe Coin on May 15, speculating further upside movement in PEPE price. The whale withdrew PEPE worth $5.28 million from crypto exchange Binance.
The whale is not a trader and has held investments in tokens for a long time. He bought a total of 10 tokens and never sold them. Lookonchain added that the whale has a net loss of $6.1 million and only 5 tokens are profitable, with a win rate of 50%.
In addition, a wallet address related to BlockTower Capital purchased 202 billion worth $2.2 million via crypto trading firm Cumberland. Meanwhile, BlockTower Capital’s main hedge fund has been compromised and partially drained by fraudsters.
Pepe Coin saw massive buying from investors as price hit a new all-time high. IntoTheBlock data revealed that 100% of PEPE traders are in profit, indicating a high probability of selloff by whales.
100% of $PEPE holders are currently in profit pic.twitter.com/nbNp3esIlu
— IntoTheBlock (@intotheblock) May 14, 2024
Also Read: NYC Firm Becomes Top Holder In BlackRock, Fidelity, Bitwise, GBTC Bitcoin ETF
PEPE Price Fall Amid Profit Booking
PEPE price fell 1% in the past 24 hours as whales book profits, with the price currently trading at $0.00001035. The 24-hour low and high are $0.00001004 and $0.00001156, respectively. Furthermore, the trading volume has decreased by 24% in the last 24 hours, indicating a decline in interest among traders.
Pepe Coin has soared over 100% in a month as whales continued to accumulate. However, derivatives trading indicates massive selling happening across crypto exchanges. Total 1000PEPE futures open interest has dropped 15% on Binance, Bybit, BingX, and Coinbase.
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