A crypto whale, with the wallet address 0x1a2, deposited a staggering 1.238 trillion Pepe (PEPE) tokens to Binance.
This considerable transaction involved an intermediary wallet, 0xDe8, suggesting a meticulously planned move that unfolded within a few days.
How Crypto Whale Traded Pepe
The activity began on May 4 and May 5 when the crypto whale initiated a large-scale accumulation of Pepe. They first withdrew 915.85 billion PEPE tokens from Binance, valued at roughly $7.75 million.
These tokens were purchased at a rate of $0.00000846 each. Within the next 28 hours, the pace intensified. The crypto whale secured an additional 1.238 trillion PEPE tokens, culminating in a total investment of $10.4 million.
This sequence of moving funds from a centralized exchange to a personal wallet and then back to Binance indicates a strategic play. The crypto whale aimed to capitalize on potential market fluctuations for profit.
If the crypto whale opts to sell at the current price of $0.00000841 per token, they would realize a modest profit of around $134,000. This represents a 1.28% gain after holding the tokens for just three days.
Contrasting with this recent maneuver, the crypto whale’s trading history shows varied results.
“Previously, the whale had gained $146,000 (+14.2%) from one Injective (INJ) trade but lost $118,000 (-8.01%) from one Render (RNDR) trade. The whale did not hold both tokens for long either,” on-chain analysis platform Spot On Chain said.
Despite the significant sell-off, Pepe’s market trend remains bullish. The meme coin is currently navigating a bullish flag pattern. This technical formation is characterized by a sharp initial price surge followed by a period of consolidation.
Such patterns often suggest a continuation of upward momentum. If Pepe successfully breaks out from this formation, its price could increase by 40%, reaching $0.00001186. Conservatively, it can surge up to 28% towards the previous all-time highs at $0.00001081.
Nevertheless, uncertainties loom. If the breakout attempt fails, Pepe might find a support level at $0.00000808. This support could prevent a more substantial price decline.
Investors should keep a close watch on these developments. The actions of such crypto whales might set the tone for broader market dynamics.
“Investors should closely monitor large transactions, especially the movements of existing large holders. If the structure of chip holdings changes significantly over a longer period, such as a month, then this is not just short-term market volatility,” Diane Dai, CMO of decentralized trading platform – DODO, told BeInCrypto.
