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 币的价格周六大幅下跌，侵蚀了之前的部分涨幅。该价格暴跌至 0.00001088 美元，24 小时内大幅下跌 7.5%。

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

这种下跌是更广泛的市场低迷的一部分，但被称为鲸鱼的大型投资者的参与加剧了这种情况。

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 代币的主要持有者或“鲸鱼”大量出售其代币以换取以太坊（ETH），加剧了市场的下行压力。

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.

链上数据显示，一位身份为“0x837”的知名人士用超过 1.4 万亿个 PEPE 代币兑换了 ETH，总价值超过 1800 万美元。

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.

这一行动表明了对 PEPE 的看跌情绪。所收购的 ETH 作为抵押品存入Compound 协议，这表明了一种具有长远眼光的战略方针。

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，鲸鱼还向币安转让了 3000 亿个 PEPE 代币，价值约 385 万美元，造成了 173 万美元的损失。这不是一个孤立的事件，因为鲸鱼之前存入了 1.1 万亿个 PEPE，价值 1442 万美元，并可能将其转换为 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.

在两天内，鲸鱼总共将 1.4 万亿个 PEPE 代币转移到币安。随后，名为“0x837”的鲸鱼最近从币安提取了1,728 ETH，价值586万美元。他们目前持有的 ETH 总量为 4,374 个 ETH，价值约 1,491 万美元。

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.

尽管遭受损失，鲸鱼仍决定将 PEPE 转换为 ETH，这凸显了经过深思熟虑的投资策略。以太坊的热潮是由市场信心推动的，这在很大程度上受到 7 月份以太坊现货 ETF 预期推出的影响。

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

一些市场参与者将现货比特币 ETF 的推出进行了类比，表明以太坊可能会经历类似的飙升。

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 分析师 Bryan Armour 警告称，由于两种加密货币的市场规模截然不同，现货以太坊 ETF 的推出可能不会像比特币那样令人兴奋。

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 的价格困境源于更广泛的市场趋势和大量的鲸鱼活动。尽管造成损失，大量 PEPE 仍大量转换为 ETH，这表明战略有意转向以太坊。

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.

即将推出的现货以太坊 ETF 是这一趋势背后的推动力。分析师以市场差异为由，对以太坊经历与比特币 ETF 推出相同水平的飙升的可能性仍持谨慎态度。未来几周对于塑造 PEPE 和以太坊的发展轨迹至关重要。