Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don’t?

Crypto Whale's Massive PEPE Purchase Sparks Market Interest

A recent transaction involving the third-largest meme coin by market capitalization, PEPE, has drawn significant attention from the crypto community. The sheer magnitude of the transaction, coupled with other whale movements, suggests that it may be time to pay closer attention to PEPE.

Whale Acquires $10.4 Million Worth of PEPE

On-chain analytics platform Spotonchain identified a wallet (3eAaAC3C9) that purchased 1.238 trillion PEPE from Binance at an average price of $0.000008424, amounting to $10.4 million. The wallet subsequently withdrew the tokens in two separate transactions.

Smart Traders Accumulating PEPE

Notably, several smart traders have been accumulating PEPE in anticipation of significant price movements. Spotonchain recently reported two whales withdrawing 660.7 billion PEPE from Binance and MEXC. Additionally, another whale withdrew 322.48 billion PEPE ($2.68 million) from Binance for the first time.

Strong Performance and Potential for Growth

PEPE's impressive performance since the start of the year, with a year-to-date (YTD) gain of over 500%, has attracted the attention of these whales. Despite its strong momentum, only around 200,000 people currently hold PEPE, suggesting that there is still room for growth.

Analysts Predict New All-Time High

Crypto analysts Plazma and Yazan have expressed optimism about PEPE's potential to reach a new all-time high (ATH). PEPE's current ATH stands at $0.00001074, and it is currently trading just 20% below this level.

Potential for Top 10 Market Cap

If PEPE does reach a new ATH, it could potentially rise to the top 10 crypto tokens by market capitalization. Crypto analyst Murad believes that PEPE could even surpass Shiba Inu (SHIB) and Dogecoin (DOGE).

Token Price Dip

At the time of writing, PEPE is trading at around $0.000008615, down slightly in the last 24 hours. However, this dip may be a temporary correction before the next upward movement.

Disclaimer: This article is provided for educational purposes only and does not constitute financial advice. Investing involves risks, and it is essential to conduct your own research before making any investment decisions.