Prominent cryptocurrency investors, often referred to as “whales,” have been significantly accumulating Pepe Coin (PEPE) over the past month. This heavy buying activity has driven the price of PEPE to new heights. According to data from IntoTheBlock, wallets holding more than $100,000 worth of assets have notably increased their PEPE acquisitions, resulting in 100% of current PEPE investors being in profit. The coin’s value recently hit an all-time high of $0.00001156 before experiencing a slight correction.
Why Are Whales Interested in PEPE Coin?
On-chain analysis platform Lookonchain has highlighted notable transactions, including a whale purchasing 520 billion PEPE coins valued at $5.28 million from Binance on May 15. This whale is identified as a long-term investor, not a trader, and has been steadily increasing its holdings without selling any tokens. Despite suffering a net loss of $6.1 million, the whale has maintained a positive outlook with a 50% gain rate on five of the ten tokens acquired.
What Signals Do Large Purchases Send?
Further significant acquisitions were reported, including a wallet linked to BlockTower Capital, which bought 202 billion PEPE worth $2.2 million through the trading firm Cumberland. Despite the coin achieving its peak price, large-scale purchases continued to pour in, leading to speculation about the future actions of these major investors. Data shows that all PEPE investors are currently in profit, raising questions about potential sell-offs by these whales.
Key Insights for Investors
- Wallets with over $100,000 have increased PEPE holdings, driving the price to new highs.
- A whale purchased 520 billion PEPE coins worth $5.28 million, signaling confidence in future gains.
- BlockTower Capital acquired 202 billion PEPE coins, indicating institutional interest despite previous setbacks.
- 100% of PEPE investors are in profit, prompting concerns about possible profit-taking by whales.
Despite the recent price surge, PEPE saw a 4.72% decline within 24 hours post-ATH, settling at $0.00001034. The trading volume also fell by 24%, suggesting a waning investor interest. The market cap dropped to $4.3 billion, reflecting the price dip.
