Insider trading or perfect timing? PEPE whale scooped 1.32T tokens before 27% pump

In the ongoing bearish market sentiment, where top cryptocurrencies like Bitcoin, Ethereum, Solana, and Dogecoin are experiencing downside momentum, an on-chain analytic firm, Lookonchain, made a post on X (previously Twitter) that a whale address, 0x837, has bought a massive 1.32 trillion PEPE tokens from the world’s biggest cryptocurrency exchange, Binance, in just two days. Whale added 1.32 trillion PEPE tokens

According to Lookonchain, this whale has been accumulating PEPE tokens since May 22, 2024. On May 22, the whale purchased a massive 592 billion PEPE tokens worth $7.95 million. On May 23, 2024, they added 390.56 billion PEPE tokens worth $5.54 million to their holdings. Today, on May 24, 2024, they bought nearly 330 billion PEPE tokens.

If we combine all of these PEPE tokens bought in the last two days, it amounts to approximately 1.32 trillion PEPE tokens worth $18.2 million. This massive PEPE purchase in the last two days highlights whales’ interest and confidence in PEPE tokens. One potential reason behind this massive PEPE purchase could be the earlier speculation and now approval of the Ethereum ETF (Exchange Traded Fund) by the U.S. SEC (Securities and Exchange Commission). PEPE accumulation continues following ETF approval

PEPE is an Ethereum-based meme coin, and there is high potential for PEPE to soar massively once the Ethereum bull run starts. Currently, the overall cryptocurrency market is down by nearly 4%. Despite the bearish market sentiment, PEPE is currently trading near $0.000014 and has experienced a 3.5% upside momentum.

Looking at the performance of the PEPE token over a longer period, in the last 7 days, the PEPE token price has soared more than 40%. Over the last 30 days, it experienced a massive price surge of over 85%.

This whale is not the only one accumulating PEPE tokens; many whales are long on the PEPE meme coin and showing strong confidence in PEPE. Besides PEPE, only DOGE and FLOKI are experiencing upside momentum of over 3% and 3.5% in the last 24 hours.