- Smart money trader realizes a $1.77M profit by selling 170.2B PEPE.
- PEPE completes consolidation with 77% of PEPE holders in profit.
- An evenly balanced order book on Spot markets shows indecisiveness.
Pepe (PEPE) is potentially poised for a price trend change after completing the consolidation phase. Ranked 25th on crypto’s global charts, PEPE reached a weekly low of $0.00001102 on the evening of June 25, 2024.
Since then, the memecoin has spurred a 4% uptrend, but a suspiciously large transfer spotted by LookOnChain yesterday keeps holders on edge. An Ethereum major player, qualifying as a cryptocurrency whale, decided to sell a whopping 170.2 billion PEPE tokens for $1.97 million Circle USD (USDC).
This has brought the trader a whopping profit of $1.77 million, up to 886% ROI. Conversely, the Ethereum (ETH) whale spent 200K of the USDC stablecoin to acquire the 170.2B PEPE Tokens on October 26, 2023, remaining unmoved until June 25, 2024.
Are Other Major Players Following Suit?
Sell pressure caused by the largest crypto holders selling off their stash is common in highly fluctuating altcoin markets. However, PEPE’s case remains somewhat unique, as the frog-themed memecoin sports an unusually large trading volume.
PEPE emerges as the 8th cryptocurrency solely by trading volume, netting $1,193,540,356 over the past 24 hours. This puts PEPE in the same category as top-flight altcoins like BNB (BNB) and XRP (XRP), while no other memecoin tends to breach $1 billion trading volume on a casual day.
Judging by the buy and sell orders placed in the latest 24-hour window, PEPE isn’t exposed to particular selling pressure. Large transactions for PEPE have significantly increased since July 23, 2024, hinting at incoming ETH whale action.
As of press time, the 25th-ranked PEPE is changing hands at $0.00001188, according to CoinGecko. Sliding down by 5.8% monthly, the memecoin is still 845% up from exactly a year ago.
On The Flipside
- Aside from huge trading volumes on Spot, PEPE remains a top choice for Derivatives traders.
- Claiming a $1.76B Derivatives volume today, PEPE leads the pack in the meme coin department.
- Despite its popularity, PEPE Token is not listed on eToro or in Coinbase’s Spot trading offerings.
Why This Matters
Part of Pepe’s success stems from the fact that the coin is inspired by the iconic Pepe The Frog internet meme. The popularity of this meme token serves as a monument to internet culture.
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