Crypto Update: Whale Acquires 211 Billion PEPE Tokens Due to Bitcoin Halving
Pepe [PEPE], a token with a frog-themed meme, has recently experienced a significant surge in value. This has attracted the attention of a whale investor who has purchased a staggering 211.6 billion PEPE tokens, which is currently worth $1.6 million. The investor acquired these tokens from Binance [BNB], Gate.io, and Uniswap [UNI] within the last 24 hours.
Whale 0x803 (linked to “rektdolphin.eth”) has been steadily accumulating 211.6B $PEPE (now $1.72M) in the past 24 hours, as the price surged back by 17%!
Notably, the whale:
• accumulated PEPE from #Binance, #Gateio, and #Uniswap at ~$0.000007291 (est. cost: $1.54M), now making… pic.twitter.com/1mcZAIi8F2— Spot On Chain (@spotonchain) April 24, 2024
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The purchase has resulted in an unrealized profit of almost 4%. It is worth noting that this is not an isolated occurrence, as large transactions exceeding $100,000 have become increasingly common since the Bitcoin [BTC] halving. Santiment’s data shows a steady increase in such transactions.
Furthermore, the supply of PEPE on exchanges has been decreasing lately, which is a sign that investors are holding onto the meme coin. The recent price rally has also seen a surge in speculative interest for PEPE. The Open Interest (OI) in unsettled PEPE futures contracts has more than doubled in the last four days to reach $90 million.
A price increase, followed by an increase in OI, is usually an indication of an uptrend. Moreover, the Long/Short Ratio has indicated that more traders are taking long positions for PEPE than shorting the coin in the last 24 hours, which suggests a pivot towards bullish sentiment.
The price increase has also resulted in a rise in PEPE’s social activity. The number of mentions of the coin in top crypto-focused social channels reached a 3-week high on April 23rd.
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The commentary has been mostly positive, which is evident from the positive Weighted Sentiment indicator. This means that the public is optimistic about PEPE’s prospects.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
