PEPE Whale Makes Big Moves With 1.97T Deposit To Exchange And SHIB Transaction
February 29 2024 - 2:00PM
NEWSBTC
Recently, a PEPE whale made a series of moves that resulted in over
$3 million in realized profits after the token’s recent price
surge. The whale then took a new position and showed potential
gains. Related Reading: Who Let The DOGE Out? Dog-Themed Coins Soar
By 12%, WIF And FLOKI Lead The Way Whale’s Big Moves Bring Big
Money As reported by Lookonchain, a blockchain analytics platform,
a whale made a big move yesterday after depositing almost 2
trillion PEPE tokens to one of the largest crypto exchanges in the
world. This whale’s shopping spree started June 7, 2023, when Pepe
Coin traded at $0.000001054. The address accumulated 1.97 trillion
Pepe tokens from June until December last year. Just over two
months after the 6-month buying spree, the whale deposited the
entirety of its PEPE holdings, worth around $6.07 million, to
Binance. According to the blockchain analytics platform, the whale
made over $3.49 million in profit in just a few hours. A smart
whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a
profit of $3.49M. Then he changed his position from $PEPE to $SHIB,
withdrawing 75.9B $SHIB($893K) from #Binance 3 hours
ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT —
Lookonchain (@lookonchain) February 29, 2024 The whale changed its
position and bought 75.9 billion SHIB tokens just a few hours
later. Suggesting that the investor saw potential in Shiba Inu’s
future price performance. Whales tend to hold massive influence
over the market as any movement of their large holdings could swing
the market’s sentiment over a cryptocurrency. Typically, when a
whale withdraws its holdings from an exchange, investors interpret
it as a sign of long-term confidence in that cryptocurrency. On the
contrary, when a whale sells large amounts of a coin, investors
might take this as a lack of confidence in the token. At the time
of the report, the whale’s massive acquisition of SHIB was worth
around $893,000. However, as of this writing, the tokens are worth
over $1 million, according to Etherscan’s value. This showcases
that the investment in SHIB increased its value by over $100,000 in
less than 12 hours. PEPE And SHIB Performance The whale’s new
investment, Shiba Inu, the 19th largest cryptocurrency and the
second largest memecoin by market cap, has shown incredible
performance in the last 24 hours. During the last day, SHIB’s price
skyrocketed 25.5% and currently trades at $0.00001388.
Additionally, the token’s market activity has increased by 127.50%,
with a trading volume of over $2.65 billion in the last 24 hours.
On the other hand, PEPE was making headlines yesterday due to its
impressive 140% price jump from the previous week. The frog-themed
memecoin seems to be in the middle of a price resurgence fueled by
the market dynamics and its social media popularity. However, PEPE
trades at $0.000002891 at writing time, representing a 12% decrease
in the last 24 hours. Compared to the token’s yesterday performance
in the same time frame, a 59.47% increase from the day prior, PEPE
seems to be facing a momentary slowdown. Similarly, PEPE’s trading
volume and market cap decreased by 22.47% and 11.96% on the last
day. These metrics hint at a reduction in recent market activity
for the cryptocurrency. However, its performance in longer
timeframes, especially the 7-day 142% price surge, suggests that
the memecoin is still outperforming the global cryptocurrency
market, according to CoinGecko. Related Reading: Here Are The
Factors Driving The Shiba Inu Recovery Above $0.00001 PEPE is
trading at $0.0000028766 in the hourly chart. Source: PEPEUSDT on
TradingView.com Featured image from Unsplash.com, Chart from
TradingView.com
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