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1.24 trillion PEPE meme coins purchased from Crypto Whale
An extraordinary transaction has rocked the cryptocurrency market as a crypto whale reportedly invested $10.4 million in the PEPE meme coin.
This substantial investment, coming amid a surge in market activity, has sparked intense discussion about the future of this meme-inspired digital asset.
Crypto Whale Buys 1.24 Trillion PEPE Tokens
Spot On Chain, a highly regarded crypto analytics platform, highlighted the transaction. Details have emerged about a multi-signature wallet known as 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9which facilitated the movement of an astonishing 915.85 billion PEPE tokens from Binance.
This initial transaction was valued at approximately $7.75 million, calculated at a rate of $0.000008466 per token.
In quick succession over the next 28 hours, the same wallet performed further withdrawals. It has accumulated a total of 1.238 trillion PEPE tokens from the centralized exchange. This sequence of transactions collectively amounted to an eye-catching PEPE investment of $10.4 million.
“Overall, the wallet withdrew 1.238 trillion PEPE via 2 transactions from Binance at an average of $0.000008424 ($10.4 million) in the last 28 hours for the first PEPE trade. Previously, the whale had earned $ 146,000 (+14.2%) from an INJ trade but had lost $118,000 (-8.01%) from a RNDR trade whale did not hold onto both tokens for long,” Spot On analysts said Chain She said.
PEPE Whale Transaction. Source: Point on the chain
Currently, PEPE shows promising market trends. Despite a slight decline of 1.2% in the last 24 hours, the meme coin increased by 29.70% in the last month. With PEPE trading at $0.000008532, its position above the 50-day simple moving average and a healthy relative strength index of 62.78 indicate stable market sentiment, boosting investor confidence.
To know more: Pepe (PEPE) Price forecast 2024/2025/2030
The inflow of significant capital into PEPE highlights an expanding interest in niche cryptocurrencies. In fact, these tend to benefit from solid community support and meme-based appeal. PEPE’s unique frog-themed branding has endeared it to a wide audience, contributing to its growing popularity in the digital currency.
Although the motives of the whale remain unknown, market analysts suggest that the investor could use the growing potential of meme coins to diversify their investment portfolio and take advantage of nascent market opportunities.
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