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Two significant investors, known colloquially as "whales," have made massive purchases of Pepe (PEPE) coins, totaling an astounding 560.2 billion coins. This development, highlighted by the cryptocurrency analytics platform Spot On Chain, has sparked a flurry of discussions and speculation about the popular meme coin.
According to data shared by Spot On Chain, these purchases come as the price of PEPE saw a notable rebound, increasing approximately 11% in the last 24 hours. The substantial acquisitions by the whales coincide with this price rebound after the recent crypto crash, indicating a potentially strategic move to capitalize on fluctuating market conditions.
Pepe sees bullish activity
The first of the two traders, identified only by their blockchain address as 0xd93, made a significant investment totaling $3.86 million. This investment was diversified between 3.67 million USDC and 300 WTAO. Remarkably, this individual has previously realized profits exceeding $2.52 million from trading PEPE, demonstrating their adeptness at navigating the volatile market.
As the price rebounds ~23% (24H), two smart traders, who have earned $2M+ from $PEPE, added 560.2B $PEPE ($4.67M) to their holdings.
— Spot On Chain (@spotonchain) March 21, 2024
1. Trader 0xd93 spent 3.67M $USDC and 300 $WTAO (total: $3.86M) to buy 460.2B $PEPE ~10hrs ago.
• Previous profits from $PEPE: $2.52M.… pic.twitter.com/KyJx3iBHQ8
On the other hand, the second trader, known by their address as 0x522, opted for a different approach. This individual exchanged 42.08 billion Shiba Inu (SHIB) valued at approximately $1.12 million, alongside 64 Ethereum (ETH), equating to $224,000, to obtain 100 billion PEPE coins. This transaction was facilitated through Binance, one of the world's leading cryptocurrency exchanges.
Notably, this trader's current holding of PEPE stands at a remarkable 300 billion coins, valued at $2.46 million, with their total estimated profit from PEPE trading activities surging to $4.27 million, which translates to an impressive gain of 145%. The actions of these two traders have sparked a myriad of discussions within the crypto community.
Analysts and enthusiasts are keenly observing the market to understand the potential implications of these large-scale purchases. Some speculate that the actions of these whales could signal growing confidence in the PEPE market, potentially leading to increased interest and investment in the coin. However, others caution that the market remains inherently unpredictable.