PEPE has emerged as a standout performer in the fast-paced world of cryptocurrency, with its price surging over 100% in just a month.
Behind this meteoric rise lies a fascinating trend: whales, or large investors, have accumulated a staggering 720 billion Pepe tokens. This accumulation frenzy has coincided with a remarkable statistic—100% of Pepe holders are currently in profit.
Lookonchain, an on-chain platform, recently reported a whale purchasing 520 billion Pepe Coins on May 15. This purchase is seen as a speculative move, suggesting a potential upward trend in the price of PEPE. The whale subsequently withdrew PEPE tokens worth $5.28 million from the Binance cryptocurrency exchange.
A whale withdrew 520B $PEPE($5.28M) from #Binance 30 minutes ago.
It is worth noting that this whale is not smart.
He bought a total of 10 tokens and never sold them.
According to the current price, he lost a total of $6.1M, 5 tokens were profitable, and the win rate is 50%.… pic.twitter.com/fC4drHO7ZP
— Lookonchain (@lookonchain) May 15, 2024
Unlike typical traders, this whale is known for holding onto investments for extended periods rather than actively trading. The whale has acquired a total of 10 tokens but has never sold any. Despite the size of the investments, the whale has incurred a net loss of $6.1 million. Only 5 of the 10 tokens are profitable, resulting in a win rate of 50%, as per Lookonchain’s analysis.
Furthermore, a wallet address linked to BlockTower Capital acquired 202 billion tokens valued at $2.2 million through the crypto trading firm Cumberland. Simultaneously, BlockTower Capital’s primary hedge fund has suffered a security breach and partial loss due to fraudulent activities.
These large investors have amassed 720 billion Pepe Coin tokens, indicating a strong bullish sentiment toward the digital asset.
Pepe Profit-Taking and Price Correction
Investors showed significant interest in Pepe Coin, driving its price to a new peak. Data from IntoTheBlock shows that all PEPE traders are currently profitable, suggesting a potential sell-off by large holders.
Despite the positive sentiment and price rally, some whales have begun to book profits, leading to a slight correction in PEPE’s price. The token has fallen by 2.93% in the past 24 hours, with the price currently trading at $0.00001037. This profit-taking behavior is not unexpected, given the significant price increase in a short period.
The whale accumulation of Pepe tokens by whales has played a crucial role in driving the token’s price to new highs. With 100% of Pepe Coin holders currently in profit, the market sentiment remains overwhelmingly positive. However, profit-taking behavior among whales and selling pressure in the derivatives market could lead to short-term price fluctuations.
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