Crypto Whales Buy $5.56 Million in PEPE Amidst the Market Dip

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.

Crypto Whales Buy PEPE

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Furthermore, since March 14, 2024, this whale has withdrawn 1.449 trillion PEPE from Binance at an average price of $0.000007496, with total spending estimated at $10.86 million.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.

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