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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.