PEPE Whale Acquires 105B PEPE for $2M in Singular Trade
In a significant development within the cryptocurrency space, an anonymous investor executed a high-stakes acquisition of 105,328,301,633 PEPE tokens, spending approximately $2 million in USDC for this transaction, as reported by Lookonchain. This marks the investor’s inaugural engagement with PEPE, occurring on November 20 at 18:36 UTC.
Prior to this purchase, the investor funnelled $1 million worth of USDC into their wallet, subsequently adding another $999,999 before executing the acquisition of the substantial PEPE holdings. As of the latest update, the address holds an extensive portfolio of 105.33 billion PEPE tokens, constituting its most valuable asset by dollar valuation.
Investor Sentiment Amid Price Corrections
This prominent acquisition suggests a strong belief in the long-term value proposition of the meme-oriented token despite recent price fluctuations. Following a high-profile surge that saw PEPE achieve an all-time peak after being listed on major exchanges like Coinbase and Robinhood, the token’s market cap skyrocketed from $8 billion to $10.46 billion, generating speculation about the potential for PEPE to outpace Shiba Inu (SHIB) in market capitalization rankings.
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However, as market dynamics shifted, PEPE faced a correction, dropping below critical psychological price levels, which incited caution among many investors. In contrast, the aforementioned whale capitalized on this downturn, acquiring PEPE at what was perceived as a bargain price.
Whale Accumulation Trends
Since the beginning of the month, substantial accumulation trends have emerged among high-net-worth crypto investors. Data from Lookonchain reveals that on November 6, three notable cryptocurrency participants collectively acquired 835.6 billion PEPE, translating to an inflow of approximately $7.94 million from exchanges such as Gate.io and Binance.
In particular, one whale transferred 535.81 billion PEPE, valued at $5.09 million, from Binance to an undisclosed wallet, while another user withdrew 163.37 billion PEPE. Additionally, an unidentified entity extracted 135.45 billion PEPE from Gate.io.
Outlook for PEPE
Launched in April, PEPE has demonstrated considerable volatility and growth potential, initially debuting at an insignificant price on Ethereum’s Uniswap. Rapid investor interest propelled its valuation to $1 billion, erasing three zeros from its price in a matter of weeks and leaving four zeros post-decimal.
Currently, PEPE is trading at $0.00001931, supported by a market capitalization of $8.13 billion. However, it is essential to note a recent decline of 5.13% over the past 24 hours and 18.45% on a weekly basis, indicating the ongoing challenges in maintaining upward momentum amidst fluctuating market conditions.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
