Major Pepe Whale Sells Big: Shifts to EigenLayer Tokens

Crypto Market Turmoil: Pepe Coin Whale Shifts Portfolio to EigenLayer

Background

A significant crypto market upheaval occurred when a Pepe Coin whale sold billions of PEPE tokens, reinvesting the proceeds into EigenLayer (EIGEN) tokens. This portfolio shift has sparked discussions within the market, especially considering the price decline of PEPE and the simultaneous surge in EIGEN.

Whale's Transactions

On November 25th, an on-chain whale offloaded a massive 74.07 billion PEPE tokens, valued at $1.53 million. Additionally, over the past three days, the same whale sold a total of 130.2 billion PEPE tokens for approximately $2.71 million. Despite these significant selloffs, the whale still possesses 3.241 trillion PEPE tokens, having realized $68.3 million in profits, reflecting an impressive 12.6x return on investment.

Investment in EigenLayer

Concurrently, the whale shifted its focus to EigenLayer tokens, purchasing 217,348 EIGEN tokens for approximately $4.31 million. This investment now constitutes 1.6 million EigenLayer tokens, with the whale already experiencing an 11% profit.

Impact on Token Prices

The whale's extensive PEPE sales coincided with a price drop for the token. PEPE experienced a 2% daily and 5% weekly decline, trading at $0.00002026.

In contrast, EIGEN witnessed notable gains, driven by buying pressure from the Ethereum-based ecosystem. EIGEN's price surged by 7% daily and 23% weekly, reaching $3.06.

Market Outlook

Analysts maintain a positive outlook for PEPE, anticipating a potential rally towards $0.000025. However, EigenLayer continues to demonstrate a strong upward trajectory due to its expanding ecosystem and increasing investor interest.

Conclusion

The crypto market remains in a volatile state as the Pepe Coin whale's portfolio shift continues to influence token prices. Both PEPE and EIGEN are under close observation as investors assess their future movements. The Bit Journal will provide ongoing updates on this evolving situation, offering insights into the shifting dynamics of the cryptocurrency landscape.