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A major whale has just made huge moves with Pepe (PEPE), one of the most popular meme coins on the market. This movement has created significant buzz on the market, leaving many stunned. Moreover, it came at a time when the PEPE price is struggling to move to higher levels.
As per Spot On Chain, a crypto whale named “cookislandstrust.eth” has been trying to buy Pepe coins today. Notably, this will not be the first purchase of the meme coin by this large investor. The on-chain tracking service revealed some recent accumulations from the whale.
Pepe whale ignites buying spree
Over the past week, the whale bought a whopping 420 billion PEPE tokens on two different occasions. They used around 3.13 million USDT to buy Pepe. The first purchase was conducted during the big crypto crash on Aug. 5. The second purchase of the meme coin was completed just a few hours ago.
The whale is clearly buying the dips as the price of PEPE coin is going through a downturn today. As of now, it is trading at $0.000008172, after a decrease of 4.95% in the last 24 hours. The market cap of Pepe is also down 4.4% to $3.46 billion. Despite the price dip, Spot On Chain revealed that the whale is currently sitting on a profit of $170,000. This is an increase of 5.4% on the initial investment.
Whale goes bullish on Ethereum
Furthermore, it was revealed that this same investor is also bullish on Ethereum (ETH), the second largest crypto in terms of market capitalization. The crypto whale used almost 7.05 million USDT to buy 2,978 ETH. This purchase was also conducted during the market dump on Aug. 5.
Moreover, the whale is currently making a profit of around $534,000 on this ETH purchase. In other words, there is an increase of 7.58% on the initial investment from the whale. Overall, these are some strong bullish signs for both PEPE and ETH as investor confidence is rising over time.