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?

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