The price of PEPE coin experienced a significant decline on Saturday, eroding some of its previous gains. The value plunged to $0.00001088, marking a notable 7.5% decrease over a 24-hour period.

PEPE 幣的價格週六大幅下跌，侵蝕了先前的部分漲幅。該價格暴跌至 0.00001088 美元，24 小時內大幅下跌 7.5%。

This decline forms part of a broader market downturn, but the involvement of large investors, known as whales, has exacerbated the situation.

這種下跌是更廣泛的市場低迷的一部分，但被稱為鯨魚的大型投資者的參與加劇了這種情況。

A major holder of PEPE tokens, or a "whale," executed a substantial sale of their tokens in exchange for Ethereum (ETH), intensifying the downward pressure on the market.

PEPE 代幣的主要持有者或「鯨魚」大量出售其代幣以換取以太坊（ETH），加劇了市場的下行壓力。

On-chain data indicates that a prominent individual with the identifier "0x837" exchanged over 1.4 trillion PEPE tokens for ETH, amounting to over $18 million.

鏈上數據顯示，一位身分為「0x837」的知名人士用超過 1.4 兆個 PEPE 代幣兌換了 ETH，總價值超過 1800 萬美元。

This action signaled a bearish sentiment for PEPE. The acquired ETH was deposited as collateral on the Compound protocol, indicating a strategic approach with a long-term perspective.

這一行動顯示了對 PEPE 的看跌情緒。所收購的 ETH 作為抵押品存入Compound 協議，這表明了一種具有長遠眼光的策略方針。

Additionally, the whale transferred 300 billion PEPE tokens, valued at approximately $3.85 million, to Binance, incurring a loss of $1.73 million. This was not an isolated event, as the whale had previously deposited 1.1 trillion PEPE, worth $14.42 million, and likely converted it to ETH.

此外，鯨魚還向幣安轉讓了 3,000 億個 PEPE 代幣，價值約 385 萬美元，造成了 173 萬美元的損失。這不是一個孤立的事件，因為鯨魚之前存入了 1.1 兆個 PEPE，價值 1442 萬美元，並可能將其轉換為 ETH。

Within a two-day span, the whale moved a total of 1.4 trillion PEPE tokens to Binance. Subsequently, the whale known as "0x837" recently withdrew 1,728 ETH from Binance, valued at $5.86 million. Their total ETH holdings now stand at 4,374 ETH, worth approximately $14.91 million.

在兩天內，鯨魚總共將 1.4 兆個 PEPE 代幣轉移到幣安。隨後，名為「0x837」的鯨魚最近從幣安提取了1,728 ETH，價值586萬美元。他們目前持有的 ETH 總量為 4,374 個 ETH，價值約 1,491 萬美元。

The whale's decision to convert PEPE to ETH, despite incurring losses, highlights a calculated investment strategy. This surge in favor of Ethereum is driven by market confidence, which is largely influenced by the anticipated launch of Spot Ethereum ETFs in July.

儘管遭受損失，鯨魚仍決定將 PEPE 轉換為 ETH，這凸顯了經過深思熟慮的投資策略。以太坊的熱潮是由市場信心推動的，這在很大程度上受到 7 月以太坊現貨 ETF 預期推出的影響。

Some market participants draw parallels to the introduction of Spot Bitcoin ETFs, suggesting that Ethereum could experience a similar surge.

一些市場參與者將現貨比特幣 ETF 的推出進行了類比，表明以太坊可能會經歷類似的飆升。

However, Bryan Armour, a Morningstar ETF analyst, cautions that the launch of Spot Ethereum ETFs may not generate as much excitement as Bitcoin, due to the contrasting market sizes of the two cryptocurrencies.

然而，晨星 ETF 分析師 Bryan Armour 警告稱，由於兩種加密貨幣的市場規模截然不同，現貨以太幣 ETF 的推出可能不會像比特幣那樣令人興奮。

PEPE's price struggles stem from broader market trends and significant whale activity. The substantial conversion of a large quantity of PEPE to ETH, despite incurring losses, suggests a deliberate shift in strategy towards Ethereum.

PEPE 的價格困境源自於更廣泛的市場趨勢和大量的鯨魚活動。儘管造成損失，大量 PEPE 仍大量轉換為 ETH，這表明策略有意轉向以太坊。

The upcoming debut of Spot Ethereum ETFs is a driving force behind this trend. Analysts remain cautious about the potential for Ethereum to experience the same level of spike as Bitcoin's ETF launch, citing market differences. The coming weeks will be pivotal in shaping the trajectories of both PEPE and Ethereum.

即將推出的現貨以太坊 ETF 是這一趨勢背後的推動力。分析師以市場差異為由，對以太坊經歷與比特幣 ETF 推出相同水平的飆升的可能性仍持謹慎態度。未來幾週對於塑造 PEPE 和以太坊的發展軌跡至關重要。