Investors’ eyes on PEPE and UNi as price dip

Whales Accumulate UNI and PEPE Amid Market Decline

As the overall cryptocurrency market witnesses a significant downturn, with major assets such as Bitcoin and Ethereum experiencing price drops of 5-6%, whales, retailers, and institutions are actively accumulating. On June 10, 2024, on-chain analytics platform LookOnChain observed whales and new wallets acquiring Uniswap (UNI) and Pepe (PEPE) tokens.

Whales' Interest in UNI and PEPE

According to LookOnChain, in the preceding hour, a whale address (0x3492) withdrew 870,000 UNI tokens worth approximately $8.5 million from OKX. Similarly, another whale address (0xe841) withdrew 7.69 million Bluzelle (BLZ) tokens valued at $2.16 million from Binance.

Furthermore, two additional whale addresses (0x81cC and 0xf226) transferred 304.4 billion PEPE tokens worth $3.4 million from Binance. These substantial withdrawals indicate whales' continued interest and faith in these assets.

Whales have also made purchases during the market decline. On June 8, 2024, a PEPE whale acquired over 448 billion tokens worth $5.48 million, and on June 6, 2024, Shiba Inu (SHIB) whales purchased 1.35 trillion tokens valued at $35.2 million.

Reason for Market Correction

Despite the absence of negative news or regulatory changes, the market downturn remains unexplained. One possibility is that it is triggered by excessive leveraged long liquidations. Alternatively, the correction could signal an impending bullish reversal.

PEPE and UNI Price Analysis

At present, PEPE trades at approximately $0.0000125 and has exhibited stability over the past 24 hours. Over the past week, it has experienced a 20% price correction, yet a 45% surge over the past 30 days. Despite the whale purchases, 24-hour trading volume has decreased by 32%, suggesting reduced user engagement.

Meanwhile, UNI tokens trade near $9.7 after a 3% decline in the last 24 hours. Historically, UNI has remained relatively stable for the past 76 days, with a 30% surge in the past 30 days attributed to the United States' approval of a spot Ethereum ETF.