Crypto Whales Buy $5.56 Million in PEPE Amidst the Market Dip

Major crypto whales have capitalized on the current market downturn, acquiring substantial amounts of the meme coin Pepe (PEPE). Transactions totaling approximately $5.56 million have been observed, coinciding with a general decline in the crypto market.

Spot On Chain, an on-chain analysis platform, has identified a prominent crypto whale (wallet address 0xa14) as particularly active in this accumulation. This investor has withdrawn 350.2 billion PEPE, valued at $2.93 million, from the crypto exchange Binance. This transaction marks the investor's fourth in an ongoing series, bringing their total estimated profit from this trade to $1.63 million, a 15% increase.

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Since March 14, 2024, this whale has withdrawn 1.449 trillion PEPE from Binance at an average price of $0.000007496, with total spending estimated at $10.86 million. Deposits back into Binance amounted to 789.26 billion PEPE, acquired at an average price of $0.000008542, totaling $6.74 million. Currently, the investor holds 660 billion PEPE, valued at approximately $5.74 million.

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According to Lookonchain, another investor (wallet address 0xa4F) purchased 123.66 billion PEPE at $0.00000881, amounting to $1.09 million in USDC. Wallet address 0x895 withdrew 101 billion PEPE, worth about $885,000, from Binance. Meanwhile, 0x24E3 invested $661,000 USDC to buy 74.5 billion PEPE at a rate of $0.000008873.

These acquisitions occurred as Bitcoin experienced a notable dip, dropping nearly 5% from $63,400 to $60,180 last Friday. Despite the broader market's struggles, PEPE has shown resilience and a quick recovery, currently up nearly 7% from Friday's low. Additionally, PEPE's recovery was supported on May 3 when it broke out from an inverse head and shoulders chart pattern, a bullish chart pattern. On May 8, the meme coin retested the neckline of this pattern at $0.00000785 and experienced an 11% bounce.

Market analysis suggests that based on the current chart pattern, PEPE could potentially surge up to $0.00001330, representing a 51% increase from its current market price. However, investors should closely monitor significant resistance at $0.00000890. A daily closing below $0.00000785 would invalidate this bullish trend, potentially signaling declines.