- Pepe Token bagged 16% as U.S. Elections spark market-wide rally.
- Anticipating the move, one crypto whale bought tons of PEPE coins.
- Market liquidation statistics show an unlikely trend amid price surge.
A crypto whale has been spotted making multi-million moves on Ethereum (ETH). The investor deposited $2 million Tether USD (USDT) to Binance in the early hours of November 6, 2024, cashing out 212.448B Pepe (PEPE) to a self-custodial wallet one hour later.
PEPE Price to Get Rid of Another Zero?
Another $2 million USDT stablecoin deposit to Binance followed in an hour, mainly spent on another 207.686 billion PEPE coins, worth $1.969 million at stamped transaction time. The crypto whale’s move preceded Pepe’s double-digit upswing, forming a daily local double top at $0.00000960 around 8 AM UTC.
The large crypto trader now holds a massive $5 million worth of PEPE coins in their Ethereum wallet, with other assets not exceeding $135. Previously, this smart money investor made a $2 million fortune on several meme coins and altcoins, including Brett (BRETT), the AI-generated $TURBO, Chainlink (LINK), and other coins.
The trader incurred substantial losses on Ondo (ONDO) and Floki Coin (FLOKI). The decision to hold over 99% of the current digital assets in PEPE resembles a strong belief in the frog-themed meme coin, which is yet to restore its monthly high of $0.000001169.
PEPE’s Liquidation Anomaly Explained
During the bullish price streak, Pepe whipped up a new seven-day high but is still only halfway to reclaim the 30-day peak. As Donald Trump’s victory became clear, the upward momentum attracted crypto traders who believed PEPE had a political connotation.
The freshly piqued interest is clear in the derivatives markets, as speculative plays on PEPE increased by 101% to top $2.4 billion in press time. Intriguingly, the real-time 24-hour liquidation data from CoinGlass reported liquidated long PEPE price positions to exceed short-selling liquidations twice.
During a double-digit run, the situation where long traders lose twice the amount of short-selling traders is uncanonical. Derivatives traders, using leverage for their plays on Perpetual contracts, could have taken higher risks for a bigger multiplier, but PEPE’s price volatility could have simply wiped out both sides of the camp with the highest leverage.
On the Flipside
- PEPE Coin has a massive total supply of 420.69T, significantly more than most popular meme coins, except for SHIB, which has 589T.
- Such imbalance between liquidations on Pepe coin’s stablecoin-marginalized Perpetuals drives the use of obnoxious leverage multipliers.
Why This Matters
Large and profitable investors tend to be the first ones to spot an emerging crypto market trend.
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