The meme coin craze surrounding PEPE has cooled down for now. PEPE rose shortly after Binance announced the PEPE listing. Since then, the meme coin has fallen 57% from its all-time high.
However, PEPE’s madness may be overtime, as the latest whale transactions show. As reported by on-chain data service Lookonchain, whales have increased their PEPE holdings in anticipation of another strong price rally.
The Whale’s Favor Wishes For PEPE?
The on-chain analytics service reported on Tuesday that three whales started accumulating Pepe tokens earlier this week amid a price drop of nearly 50%. One address withdrew $1.4 trillion worth of PEPE from Binance when the price was $0.000002054.
Another big investor bought PEPE with 223 ETH worth $429,000, at a price of $0.000001942. The third whale got 424 trillion PEPE worth $864,000, at a price of $0.000001957.
3 whales start buying $PEPE after the price dropped.
0x50C1 withdraws 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.
0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.
0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI
— Lookonchain (@lookonchain) May 9, 2023
However, not all whales share this opinion. As crypto intelligence firm Arkam reportsuser “pepeworldorder.eth” sold $800,000 in PEPE on Uniswap today.
“With an $800M market cap, pepeworldorder only needs to sell 0.1% of the supply to receive it. His account still holds 1T PEPE, or $1.92M,” Arkham wrote via Twitter. Additionally, data from the past few days shows that some whales are also skeptical about the continuation of the meme coin’s rally.
On May 8, Lookonchain reported that Master Ventures sold all PEPE, WOJAK, and SPONGE. In total, the company sold 352 billion PEPE for $770,000 USDT at $0.000002185, making a profit of about $470,000. It also sold $194,000 worth of WOJAK ($34,000 profit) and 15 million worth of SPONGE for $15,663 USDT ($10,000 profit).
On the other hand, another well-known crypto whale, Machi Big Brother, bought another 6 billion PEPE today. The crypto entrepreneur, whose real name is Jeffrey Huang, bought a total of 66 billion PEPE with 73.4 ETH worth $137,000 in the last 3 days, with an average purchase price of $0.000002082.
Another whale has bought 962.3 billion PEPE (over $2 million) with 70 WBTC and 470 ETH since May 5, with an average purchase price of $0.000003122, now posting a huge loss.
In general, a slight majority of large investors seem to prefer the long term. Small investors should still be cautious. As reported by NewsBTC, meme coins are a “game” of whales.
In addition, Lookonchain reported on Monday that the top 15 holders of PEPE (excluding exchange and contract addresses) hold a total of 38.07 trillion PEPE, 9.05% of the total supply. All of them made a profit on PEPE, with a total profit of $92.6 million and an average purchase price of $0.00000000853.
Popular analyst @ApeDurden is short PEPE. His initial price target is $0.0000001406.
If you have a problem Pepe I hurt you son, I have 99 problems but your scam is nothing. pic.twitter.com/vYH7h61Uas
— Tyler (@ApeDurden) May 8, 2023
At press time, the price of PEPE stood at $0.000001890. Currently, the key support is the 38.2% Fibonacci level at $0.000001808. Key resistance to the upside is at $0.000002328 (50% Fibonacci).
Featured image from iStock, chart from TradingView.com