Whale 0x9da Makes a High-Value Swap
Today, a prominent early crypto investor known as 0x9da completed a significant swap, exchanging 452.911B $PEPE tokens for 194.31 Ethereum ($ETH) at a rate of $0.0000006961 per $PEPE. This swap amounted to a total of $315K, according to SpotOnChain.
Profitable Move for the Whale
Previously, the whale had acquired the $PEPE tokens from the Huobi exchange at an average rate of $0.0000002198, spending around $99.55K on April 27, 2023. The recent swap resulted in an estimated profit of $216K, representing a 216% increase.
If BTC and ETH were to depreciate in the future, it would be strategic for you to go long on PEPE while simultaneously shorting ETH.
Pepe Coin Hits All-Time Low
Pepe Coin (PEPE), inspired by the popular Pepe the Frog meme, has reached its lowest price since its listing on Binance on May 5, 2023. After reaching a high of $0.00000439, PEPE’s value dropped to $0.00000082 by June 15, following Bitcoin’s decline to $24,800. Today, the coin experienced an 8% decrease, with a shocking 10% drop in just one minute.
A Volatile Crypto Market
The crypto market is currently unstable, with predictions of Bitcoin potentially dropping to $20,000. Events such as the compromise of Ethereum Founder Vitalik Buterin’s Twitter account and security breaches on PePe X’s social platforms further add to the market’s unease. These incidents have a cascading effect on altcoins like Pepe Coin, which are built on the Ethereum blockchain.
Challenges for Pepe Coin
Pepe Coin has faced allegations of potential scams and insider trading in the past. The recent revelation of its previously anonymous founder, who has a criminal history, has shaken investor trust. As a result, the crypto community closely monitors PEPE’s future in this volatile market.
Hot Take
The crypto market is in a state of uncertainty, as both major cryptocurrencies and altcoins experience significant fluctuations. Investors need to carefully assess the risks and potential rewards, considering factors such as market trends and the credibility of the projects they invest in. With the current challenges facing Pepe Coin, it is crucial to conduct thorough research before making any financial decisions in this volatile market.
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