Whales Buy 720 Billion Pepe Coin As PEPE Price Rally Over 100%

Whales have been accumulating Pepe Coin for over a month that led to PEPE price hitting new all-time highs daily. As per IntoTheBlock data, wallet addresses with over $100K have increased their Pepe Coin holdings in the last few days and 100% of PEPE holders are currently in profit.

PEPE price hit an all-time high of $0.00001156 today and CoinGape recommended buying Pepe Coin when it was trading at $0.000007079 almost a month ago.

Whales Continue to Accumulate Pepe Coin

On-chain platform Lookonchain reported a whale purchased 520 billion Pepe Coin on May 15, speculating further upside movement in PEPE price. The whale withdrew PEPE worth $5.28 million from crypto exchange Binance.

The whale is not a trader and has held investments in tokens for a long time. He bought a total of 10 tokens and never sold them. Lookonchain added that the whale has a net loss of $6.1 million and only 5 tokens are profitable, with a win rate of 50%.

In addition, a wallet address related to BlockTower Capital purchased 202 billion worth $2.2 million via crypto trading firm Cumberland. Meanwhile, BlockTower Capital’s main hedge fund has been compromised and partially drained by fraudsters.

Pepe Coin saw massive buying from investors as price hit a new all-time high. IntoTheBlock data revealed that 100% of PEPE traders are in profit, indicating a high probability of selloff by whales.

Also Read: NYC Firm Becomes Top Holder In BlackRock, Fidelity, Bitwise, GBTC Bitcoin ETF

PEPE Price Fall Amid Profit Booking

PEPE price fell 1% in the past 24 hours as whales book profits, with the price currently trading at $0.00001035. The 24-hour low and high are $0.00001004 and $0.00001156, respectively. Furthermore, the trading volume has decreased by 24% in the last 24 hours, indicating a decline in interest among traders.

Pepe Coin has soared over 100% in a month as whales continued to accumulate. However, derivatives trading indicates massive selling happening across crypto exchanges. Total 1000PEPE futures open interest has dropped 15% on Binance, Bybit, BingX, and Coinbase.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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