🐸🦈Crypto Whale Buys $5.56 Million PEPE

Major crypto whales have taken advantage of the current market downturn. They acquired a significant amount of the Pepe meme coin (#PEPE), with a total transaction value of approximately $5.56 million.

This activity coincided with a general decline in the cryptocurrency market.

Is Pepe Ready for a 51% Increase?

Spot On Chain, an on-chain analytics platform, details that a prominent crypto whale, identified by wallet address 0xa14, has been exceptionally active.

This investor withdrew 350.2 billion PEPE, worth $2.93 million, from the Binance cryptocurrency exchange. This transaction marks the investor's fourth transaction in an ongoing series, bringing their total estimated profit from this transaction to $1.63 million, an increase of 15%.

Furthermore, as of March 14, 2024, the whale withdrew 1.449 trillion PEPE from Binance at an average price of 0.000007496 USD, with an estimated total spend of 10.86 million USD. Subsequently, the amount deposited back to Binance amounted to 789.26 billion PEPE, purchased at an average price of 0.000008542 USD, for a total value of 6.74 million USD. Currently, this investor is holding 660 billion PEPE, worth about 5.74 million USD.

“Previously, whales made an estimated cumulative profit of $955,000 (+33.6%) from all three previous PEPE trading cycles. He has a 100% win rate,” Spot On Chain mentioned.

Other important traders are also accumulating PEPE. According to Lookonchain, another investor, identified as 0xa4F, purchased 123.66 billion PEPE for 0.00000881 USD, equivalent to $1.09 million in USDC.

Similarly, wallet address 0x895 withdrew 101 billion PEPE, worth approximately $885,000, from Binance. Meanwhile, 0x24E3 invested 661,000 USDC to buy 74.5 billion PEPE at an exchange rate of 0.000008873 USD.

These buybacks come as Bitcoin experienced a notable price drop, dropping nearly 5% from $63,400 to $60,180 last Friday. Despite the broader market's headwinds, PEPE has shown resilience and a quick recovery, now up nearly 7% from Friday's low.