Major crypto whales have capitalized on the current market downturn. They have acquired substantial amounts of the meme coin Pepe (PEPE), with transactions totaling approximately $5.56 million.
This activity coincides with a general decline in the crypto market.
Is Pepe Poised to Surge 51%?
Spot On Chain, an on-chain analysis platform, detailed that a prominent crypto whale, identified by the wallet address 0xa14, has been particularly active.
This investor withdrew 350.2 billion PEPE, valued at $2.93 million, from the crypto exchange Binance. This transaction marks the investor’s fourth in an ongoing series, bringing their total estimated profit from this trade to $1.63 million, a 15% increase.
Furthermore, since March 14, 2024, this whale has withdrawn 1.449 trillion PEPE from Binance at an average price of $0.000007496, with total spending estimated at $10.86 million. Subsequently, deposits back into Binance amounted to 789.26 billion PEPE, acquired at an average price of $0.000008542, totaling $6.74 million. Currently, the investor holds 660 billion PEPE, valued at approximately $5.74 million.
“Previously, the whale had earned an estimated cumulative profit of $955,000 (+33.6%) from all 3 previous PEPE trading cycles. He has a win rate of 100%,” Spot On Chain mentioned.
Other significant traders have also been accumulating PEPE. According to Lookonchain, another investor, identified as 0xa4F, purchased 123.66 billion PEPE at $0.00000881, amounting to $1.09 million in USDC.
Similarly, wallet address 0x895 withdrew 101 billion PEPE, worth about $885,000, from Binance. Meanwhile, 0x24E3 invested $661,000 USDC to buy 74.5 billion PEPE at a rate of $0.000008873.
These acquisitions occurred as Bitcoin experienced a notable dip, dropping nearly 5% from $63,400 to $60,180 last Friday. Despite the broader market’s struggles, PEPE has shown resilience and a quick recovery, currently up nearly 7% from Friday’s low.
Additionally, PEPE’s recovery was supported on May 3 when it broke out from an inverse head and shoulders chart pattern, a bullish chart pattern. On May 8, the meme coin retested the neckline of this pattern at $0.00000785 and experienced an 11% bounce.
Market analysis suggests that based on the current chart pattern, PEPE could potentially surge up to $0.00001330, representing a 51% increase from its current market price.
However, investors should closely monitor significant resistance at $0.00000890. A daily closing below $0.00000785 would invalidate this bullish trend, potentially signaling declines.
