Whales Boost PEPE Coin Holdings

Whales Boost PEPE Coin Holdings

Prominent cryptocurrency investors, known as "whales," have been accumulating Pepe Coin (PEPE) at a significant rate over the past month. This heavy buying activity has propelled the price of PEPE to new heights. Data from IntoTheBlock reveals that wallets holding assets worth over $100,000 have substantially increased their PEPE acquisitions, resulting in 100% of current PEPE investors being in profit. The coin's value recently reached an all-time high of $0.00001156 before experiencing a minor correction.

Why Are Whales Interested in PEPE Coin?

On-chain analysis platform Lookonchain has identified notable transactions, including a whale purchasing 520 billion PEPE coins valued at $5.28 million from Binance on May 15. This whale is classified as a long-term investor, not a trader, and has been steadily increasing its holdings without selling any tokens. Despite experiencing a net loss of $6.1 million, the whale has maintained a positive outlook, achieving a 50% gain rate on five of the ten tokens acquired.

What Signals Do Large Purchases Send?

Further significant acquisitions have been reported, including a wallet linked to BlockTower Capital, which bought 202 billion PEPE worth $2.2 million through the trading firm Cumberland. Despite the coin reaching its peak price, large-scale purchases continued to flow in, leading to speculation about the future actions of these major investors. Data indicates that all PEPE investors are currently in profit, raising questions about potential sell-offs by these whales.

Key Insights for Investors

• Wallets with over $100,000 have increased their PEPE holdings, driving the price to new highs.
• A whale purchased 520 billion PEPE coins worth $5.28 million, showcasing confidence in future gains.
• BlockTower Capital acquired 202 billion PEPE coins, signaling institutional interest despite previous setbacks.
• 100% of PEPE investors are in profit, prompting concerns about possible profit-taking by whales.

Despite the recent price surge, PEPE witnessed a 4.72% decline within 24 hours post-ATH, settling at $0.00001034. The trading volume also decreased by 24%, suggesting a potential waning of investor interest. The market cap fell to $4.3 billion, reflecting the price dip.

The post originally appeared on BH NEWS: Whales Boost PEPE Coin Holdings