Cryptocurrency Whale Bets Big on PEPE: Are We on the Brink of a Bullish?

Recently, an unusual transaction volume involving the cryptocurrency PEPE, the third largest meme coin by market value, aroused the curiosity of the crypto community.

According to information from the on-chain analysis platform Spotonchain, a wallet identified by the address 3eAaAC3C9 acquired an impressive 1.238 trillion PEPE from the Binance exchange. The purchase, made at an average price of US$0.000008424, totaled an investment of approximately US$10.4 million. At the time of publication, the price of PEPE was quoted at US$0.000008502, up 2% in the last 24 hours.

The magnitude of this acquisition was complemented by other significant moves. Data reveals that, after the purchase, the whale transferred 322.5 billion PEPE in a first transaction and 915.85 billion PEPE in a second, both withdrawn from the trading platform. At the time of this report, these tokens have not yet been moved again, which may indicate a long-term holding strategy.

In addition to this whale, others have also been active. Spotonchain reported that two other whales withdrew a total of 660.7 billion PEPE from Binance and MEXC exchanges. Furthermore, a withdrawal of 322.48 billion PEPE (US$2.68 million) was recorded from another large Binance wallet, marking the first time that such a volume was moved by this entity.

The scenario becomes even more intriguing with the revelation of a trader who has been consistently profiting from PEPE since last year. As detailed by the analytics platform, this trader made eight trades, accumulating a profit of $917,000 from the meme coin.

PEPE’s remarkable performance since the beginning of the year, which has already recorded an accumulated gain of more than 500%, seems to justify the growing interest on the part of whales. Despite this increase, the currency’s holder base is still relatively small, with just over 200,000 people holding PEPE to date.

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