Pepe Coin: Whales Buy 1.56 Trillion Tokens, Price Jumps 6%

According to crypto Analysis firm LookOnChain, a couple of whales purchased 1.56 trillion Pepe Coin tokens for a total of 1,100 ETH. The value of the purchase in dollar terms is about $2.06 million. The first whale called “yougetnothing.eth” spent 600 ETH, or $1.12 million for 874 billion tokens, while another, “0x4631,” spent 500 ETH, or $936,000, for 685 billion tokens.

Pepe’s price, on the other hand, has jumped 6.6% in the last 24 hours, while trade volume has gone up by 49.5%, currently at $224.9 million. Moreover, according to CoinGlass, the frog-themed crypto’s open interest has risen by 3.85%, currently at $31.51 million. However, weighted open interest is at -0.0115%, meaning that shorts are still dominating.

Also Read: Crypto Market Rides ‘Animal Racing’ Wave: DOGE, PEPE Sidelined

Despite the increase in price, IntoTheBlock data indicate that holders in profits have decreased by 8.22%. Only 36% of Pepe holders are in profit right now, with 57% at a loss, while 8% of holders are even. Additionally, large transactions have dropped by 2.34%. This could mean that we might see another correction since large transactions usually dictate price movements.

Why are whales buying Pepe?

PEPE
Source – New York Magazine

The recent whale purchase could be fueled by speculation of Dogecoin (DOGE) being integrated into X. It is possible that the whales anticipate a memecoin rally if such a development comes to fruition.

Furthermore, it is also possible that the purchase is riding the Evil Pepe memecoin wave. Evil Pepe is a new crypto project that earned $640k in presales in just over one week. The whales might be anticipating a “Pepe” rally soon. However, despite the recent rally, PEPE is still one of the worst-performing cryptos among the top 100 projects in the weekly time frame. The token is down by 12% in the last seven days and by 12.6% over the last month.

Also Read: Elon Musk To Enable Dogecoin Payments in Twitter’s X?

  • pepe
  • pepe coin

Comments

Post a Comment

Popular posts from this blog

1 in 4 investment firms assign senior execs to digital assets: Report

Image
One-quarter of asset managers and hedge funds in the US and Europe have recruited senior executives to oversee digital asset strategies, according to a recent report. Based on the findings of a market intelligence firm, an increasing number of investment firms in the United States, United Kingdom, and Europe are appointing senior executives to lead digital asset investment strategies. According to a recent Amberdata report titled 'Digital Assets: Managers' Data Infrastructure Fuel,' 24% of asset management firms have adopted a digital assets strategy, with an extra 13% planning to do so in the next two years. “These roles are being staffed up, with almost a quarter of firms with a senior role dedicated to digital assets, reflecting seriousness about implementation as well as senior management buy-in.” Organizations with a senior role dedicated to dedicated asset strategy implementation. Source: Amberdata The report surveyed 60 investment professionals across the United St
Read more

Bitcoin Price Prediction for Today, December 28: BTC/USD Could Avoid another Downtrend If Closes Above $17k

Image
The Bitcoin price prediction shows that BTC sees a 0.63% decline after trading near the $17,000 resistance level, the first digital asset heads lower. Bitcoin Prediction Statistics Data: Bitcoin price now – $16,593 Bitcoin market cap – $319.5 billion Bitcoin circulating supply – 19.2 million Bitcoin total supply – 19.2 million Bitcoin Coinmarketcap ranking – #1 BTC/USD Long-term Trend: Ranging (Daily Chart) Key levels: Resistance Levels: $21,000, $23,000, $25,000 Support Levels: $14,000, $12,000, $10,000 BTC/USD loses its momentum after trading near the resistance level of $17,000. As of writing, the king coin is down 0.63% on the day at $16,733 below the 9-day and 21-day moving averages. Meanwhile, Bitcoin (BTC) may struggle to close above $17,000 and if it does, it should be free to rise well above $18,000 if it moves in the next positive direction. Bitcoin Price Prediction: Bitcoin (BTC) Range-bounds After a slightly positive move above $16,700, the Bitcoin price is
Read more

Federal Reserve Raises Interest Rate by 25bps, Insists ‘US Banking System Is Sound and Resilient’

The U.S. Federal Reserve, in conjunction with the Federal Open Market Committee (FOMC), announced on Wednesday that the central bank would raise the federal funds rate by 25 basis points (bps), as was widely expected by the market. This marks the tenth consecutive occasion in which the Fed has raised interest rates since the initial 25bps increase in March 2022. FOMC Announcement Says ‘Additional Policy Firming May Be Appropriate’ At 2:00 p.m. Eastern Time, the central bank raised the benchmark interest rate citing that economic activity expanded “at a modest pace in the first quarter.” The Fed’s announcement noted that unemployment has been low but “inflation remains elevated.” The FOMC announcement further addressed the issues in the U.S. banking industry and the committee emphasized that the “U.S. banking system is sound and resilient.” The Fed’s unbroken chain of rate hikes is a testament to the bank’s unwavering commitment to getting inflation down. The FOMC’s press release no
Read more