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.
