Whale Makes $30,000 in Just One Week by Selling 420 Billion PEPE at the Perfect Time
According to Lookonchain data, a crypto whale made a strategic move by purchasing 420 billion PEPE tokens for $3.13 million between August 5 and August 12 during a market downturn. The whale later sold the tokens, securing a net profit of $30,000.
Whale Activity
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Coinglass data showed growing bearish sentiment towards PEPE with a Long/Short Ratio of 0.9747 on August 14, suggesting an increase in short positions compared to long ones. This aligns with the whale’s quick exit from the market, indicating potential downward pressure on PEPE’s price.
Data from IntoTheBlock identified a surge in large PEPE transactions, with 77 significant transactions in a 24-hour period and a peak of 227 on August 8. This heightened activity from major holders may lead to increased price volatility for PEPE.
Following an early August surge, PEPE’s price has been on a downward trend, trading at $0.00000078295 at the time of writing, reflecting a 2.27% decline in the past 24 hours. Selling pressure from large holders could further drive down the price, and the stochastic RSI nearing the overbought zone suggests potential for additional bearish movements.
Final Thought
This recent crypto whale transaction underscores the significant opportunities and risks in the meme token market. While the whale’s well-timed trades resulted in quick profits, the overall bearish sentiment and increased activity from large holders indicate the potential for sustained price volatility. Investors should exercise caution and closely monitor market movements in meme tokens like PEPE.
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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.
