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Whales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%

Whales purchased 720 billion Pepe Coin as PEPE price continues to rally after an over 100% upsurge in a month. Some whales book profits despite positive sentiment.

Published by

Varinder Singh

Published 15 May, 2024 | 07:24:15 PM UTC

Whales 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.

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.

Also Read:

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Published 15 May, 2024 | 07:24:15 PM

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