Major Crypto Whales Accumulate Pepe Coin Amid Market Downturn
Big crypto whales have taken advantage of the current market slump by acquiring significant amounts of the meme coin Pepe (PEPE), with total transactions reaching approximately $5.56 million. This buying spree coincides with a general decline in the crypto market overall.
Spot On Chain Reports Whale Activity
- The on-chain analysis platform Spot On Chain revealed that a prominent crypto whale, known by the wallet address 0xa14, has been particularly active in the Pepe market.
- This investor withdrew 350.2 billion PEPE, valued at $2.93 million, from the crypto exchange Binance.
- This marked the fourth transaction by the investor, resulting in a total estimated profit of $1.63 million, a 15% increase from the trade.
- Since March 14, the whale has withdrawn a total of 1.449 trillion PEPE from Binance, spending an estimated $10.86 million.
Other Investors Join In
- According to Lookonchain, another investor identified as 0xa4F purchased 123.66 billion PEPE at a rate of $0.00000881, totaling $1.09 million.
- Wallet address 0x895 withdrew 101 billion PEPE worth about $885,000 from Binance.
- Additionally, address 0x24E3 invested $661,000 USDC to acquire 74.5 billion PEPE at a rate of $0.000008873.
Pepe and Bitcoin Price Movements
- These acquisitions took place as Bitcoin saw a significant drop, falling nearly 5% from $63,400 to $60,180 the previous Friday.
- Despite the broader market’s struggles, Pepe has shown resilience and a quick recovery, currently up almost 7% from Friday’s low.
- Pepe’s recovery was aided by a breakout from an inverse head and shoulders chart pattern on May 3, followed by a retest of the pattern’s neckline on May 8, resulting in an 11% bounce.
- Market analysis indicates that Pepe could potentially surge up to $0.00001330, equating to a 51% increase from its current price.
Potential Price Predictions for Pepe
- Investors are advised to monitor resistance at $0.00000890 closely. A daily close below $0.00000785 could invalidate the bullish trend, signaling possible declines in the future.
Hot Take: Keep an Eye on Pepe’s Potential Growth 🚀
As major crypto whales continue to accumulate Pepe coin amidst the market downturn, there is a potential for significant growth in the near future. With promising chart patterns and price movements, Pepe could experience a surge of up to 51% from its current market price. Investors should stay alert and monitor key resistance levels to make informed decisions about their Pepe holdings moving forward.
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