Whales Scooping Up PEPE In Millions, Is A Potential Rally Ahead?

Whales have been buying large amounts of Pepe coin (PEPE) tokens in recent weeks as per onchain data analysis platform Lookonchain. PEPE price rally may be around the the corner, as earlier reported by CoinGape. PEPE price has witnessed a slight uptick in the last 24 hour price movement.

Whales On PEPE Buying Spree

One of the most notable whale transactions was made by the address @osf_rekt, as per Lookonchain. This whale spent 536 ETH ($1.04 million) to buy 613 billion PEPE tokens from June 14 to July 11, with an average buying price of $0.00000169. This whale has also transferred 690 billion PEPE ($1.05 million) to a safe multisig wallet.

Another notable whale transaction was made by the address 0x025a4f00b128f821061f35e571dc2463d565403c. This whale spent 400K USDC to buy 263 billion PEPE at $0.000001519. This whale has made a significant profit on this investment, as the price of PEPE has since risen to $0.000001536.

Finally, the address thegreatmando.eth (also known as @rektmando) withdrew 635 billion pepecoin ($1 million) from Binance on July 7. This whale had previously bought these tokens for an average price of $0.00000149, so they have also made a significant profit on this investment.

Pump Or Dump Ahead For Pepecoin?

CoinGape has reported multiple cases of PEPE offload in recent weeks signaling a dump, as contrast on above mentioned rally. Dimethyltryptamine.eth who bought a total of 5.9 trillion PEPE with just $251 or 0.125 ETH had made another massive selloff. The PEPE whale offloaded a total of 180 billion PEPE tokens for 149.4 ETH tokens which are worth around $279,000.

PEPE is currently trading at $0.000001536, up 0.65% in the last 24 hours. The 24-hour low is $0.00000149 and the 24-hour high is $0.000001548. The all-time high for PEPE was $0.000004354 on May 5, 2023, which is a 64.66% decrease from the current price. Pepe is the 3rd largest memecoin by live market cap, with a value of $602,878,963 USD.

CoinGape price analysis reports that crossing some barriers will signal the resumption of a bullish recovery and the possibility to surpass the $0.0000019 mark for PEPE price. The $0.00000136 support stands as a crucial support of the PEPE price.

Also Read: Algorand (ALGO) Largest DeFi Protocol Calls It Quits, TVL Drops By 5%

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