Whales continue to accumulate Pepe (PEPE) amid a mild market decline this week. Today, a crypto analyst spotted a whale who earned a profit of $4.92 million through PEPE bands in the last six months.
According to the on-chain investigator, the trader has once again bought 475.3 billion PEPE coins worth $8.2 million at an average price of $0.00001724 today morning. He is currently having unrealized gains of $142,000.
Despite the market nosedive, significant big traders purchasing PEPE reflect anticipation of a possible bull run in the future. PEPE price currently stands at $0.00001748, down 22.5% in the past seven days.
Whales Make Big Bet on PEPE
Since December, the crypto analyst has spotted other four whales putting big bets on PEPE. Here are the four whales.
A whale who bought low and sold high, earning $6.24 million profit in the past, purchased another bulk of 250 billion PEPE tokens on Dec. 21 at a cost of $0.00001697.
Another big investor bought 230.1 billion PEPE tokens on Dec. 16 at a cost of $0.00002455.
Another prominent trader with an 85% win rate in ETH bands purchased 788.2 billion PEPE tokens on Dec. 15 at an average price of $0.00002394.
Another large investor with a 100% win rate in PEPE bands increased his accumulation by $3.68 million of PEPE tokens with an average cost of $0.00001647. He is currently holding 1.129 trillion PEPE coins.
These huge buys by whales normally indicate strategic accumulation. The whales’ continued entry into PEPE shows rising support despite a short-term slowdown in the crypto market. Such transactions reinforce confidence in PEPE. With the excitement developed around the meme coin, investors and traders are showing significant interest in capitalizing on this opportunity.
PEPE holds a robust position in the meme coin market as the third biggest memecoin by market cap behind DOGE and SHIB. With its market cap trading at around $7.3 billion, it remains a key participant in the crypto landscape, backed by its dedicated community.
Over a year now, PEPE has witnessed tremendous gains, as the coin expanded its value by over 780%. The token has been a success story in multiple ways.
PEPE price to continue to feel bearish
Most crypto markets renewed their prices on Saturday, Dec. 21 following a prolonged plunge witnessed in most days of the week. Their overall market cap rose by 5.31% to $3.56 trillion yesterday.
The bounce back occurred after BTC surged from $95,000 on Friday to $98,000 on Saturday, triggering a revival in most alternative cryptocurrencies.
The bounce back is possibly due to the US’s release of the PCE price index on Friday. The data showed that the core PCE decreased from 0.3% to 0.1%, an indicator that inflation in rural and urban areas was falling.
US stocks also responded positively to the PCE report, with the Nasdaq 100, S&P 500, and Dow Jones indexes surged by 0.85%, 1.10%, and 1.18% respectively.
These positive figures came a few days following the Fed’s reduction of lending rate by 0.25% on Wednesday, causing liquidation in risky assets like stocks and crypto.
Meme coins like PEPE possibly could encounter uptrend momentum as crypto investors bought the dip in the last four days when prices were generally down.
A possible threat facing the ongoing bounce back is what is popularly known as a dead cat bounce. In other words, crypto assets may enter into a temporary recovery, but then continue with the ongoing downtrend.
PEPE currently formed a dead cat bounce pattern, meaning it could experience periodic uptrends accompanied by downward trends. The pattern is a bearish reversal indicator, indicating that the token may continue the slump.
