Crypto whales are gearing up for what could be an interesting week for PEPE. On-chain data reveals crypto whales I was busy During the weekend as many look forward to Position themselves Before the start of the new week. Amidst this positioning and accumulation, PEPE emerged as Interesting option For a few whales.
Crypto whales are making major purchases of PEPE
PEPE comes out of the seven-day period Extreme fluctuations And downward momentum. Price action indicates that the memecoin lost about 20% of its value last week, and some whales appear to be following a buy-the-dip strategy. Multiple transactions involving billions of PEPE tokens have been recorded. According to on-chain data, there were multiple instances of whales buying millions worth of PEPE over the weekend, giving a hint as to whether the decline has come to an end.
A notable example of this strategy is the accumulation of 447.67 billion PEPE tokens worth $5.48 million by venture capital firm Nascent. As Spot On Chain noted, this interesting accumulation by Nascent means that PEPE is now the largest cryptocurrency in its portfolio, indicating the company’s strong faith in the meme.
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6 hours ago Nascent (@nascentxyz) raised its first $447.67B PEPE ($5.48M) from #Binance on the dip.
He now makes $262K (+4.8%) in unrealized profits! $PEPE currently ranks first in the venture capital portfolio, followed by $MKR with a total profit of $2.45M (+248%).
Follow… pic.twitter.com/KzfE6R3wJQ
— Spot on Chain (@spotonchain) June 8, 2024
Loconchine Another revelation Interesting buildup. According to the chain’s tracker, a certain whale withdrew 231.6 billion PEPE worth $2.9 million from Kraken over the weekend. Interestingly, this was not a one-time purchase, as transaction data shows that this whale has been accumulating since March 16. This whale has now withdrawn approximately 750.34 billion PEPE worth $8.34 million from Kraken during this time frame.
Another example of PEPE accumulation over the weekend was the withdrawal of 303.4 billion PEPE worth $3.8 million from Binance and OKX to two private wallets 0x81cC and 0xf226, respectively.
Pepe raises his leg up
The past seven days have not been rosy for PEPE investors, considering the meme coin’s decline amid market challenges. Price data shows that PEPE fell from $0.00001524 to $0.00001193, indicating a 21% decline during the week. However, the recent change to a positive price ratio indicates that the meme coin is starting to rebound in response to whale accumulation over the weekend. With whales making such big splashes in PEPE, it may not be long before retail investors jump in Experience FOMO And stack the meme coin themselves.
At the time of writing, PEPE is trading at $0.00001239 and is up 0.72% in the last 24 hours. This rebound in prices suggests that PEPE may continue to rise for the rest of the week.
Featured image created with Dall.E, chart from Tradingview.com