Amid the ongoing price consolidation, Pepe (PEPE), a dominant meme coin, is gaining incredible traction from whales. Today, Dec.28, the broader crypto markets, including BTC, ETH, ADA, PEPE, and others, appear struggling. BTC is currently trading at $94,512.33, down 10%, damaged by the Fed’s recent announcement about lending rates projection for 2025.
Whale buys 475.3 billion PEPE tokens
Even though the overall digital markets fight to neutralize their downtrends, whales have started expressing interest in PEPE, as spotted by a crypto on-chain specialist, popularly recognized as AI.
According to data shared by the crypto analyst today on the X platform, a whale has bought again massive 475.3 billion PEPE coins worth $8.2 million amid a price decline. Data showed that the whale is the trader who earned a whopping profit of $4.92 million through the PEPE band in the last six months.
He has repurchased the staggering amounts of the Pepe coins at an average price of $0.00001724. Currently, he has a floating profit of $142,000.
The significant accumulation signals the ideal time to purchase crypto assets while the market dips. As per data from IntoTheBlock, Pepe price market dynamics depict a bearish trend with a decline in open interest, signaling long-term holders are withdrawing tokens from exchanges.
The whale took advantage of the downtrend to purchase Pepe coins when prices are lower and possibly intends to sell when prices surge for short-term profit. With these huge coins at hand, the trader can make tremendous profits by monitoring PEPE movements and selling when prices see an uptrend.
Pepe price updates
PEPE has been in a consolidation for some time now, with its price down 6.5% in the last 30 days. It has seen a price decrease of 4.60% in the last seven days; meaning that the asset is underperforming the global digital currency market which is down 0.90% currently.
The token’s trading volume also declined 17.7% to $1.387 billion, signaling a recent decrease in market activity. This signifies long-term holders’ withdrawals from exchanges or lessened participation from investors and traders amid a shift in market sentiment.
However, savvy traders (like the whale mentioned above) appear embracing an increased buying spree. As a result, such market activities could lead to potential upside momentum. With a market valuation of $7.63 billion, PEPE is currently the 24th largest cryptocurrency in the crypto ecosystem and the third biggest meme coin following DOGE and SHIB.
