In an intriguing development that has piqued the interest of the expansive crypto community, a transaction was executed involving PEPE, the third-largest meme coin by market cap. This event, marked by an astronomical transaction size, hints that investors ought to start paying closer attention to PEPE.
The situation began to unfold as on-chain analytics platform Spotonchain announced the discovery of a wallet – labeled as 3eAaAC3C9 – linked to a massive purchase of 1.238 trillion PEPE coins on the platform Binance, with an average price tag of $0.000008424 per coin, translating to a total expenditure of $10.4 million. The whale in question didn’t stop there, though. It initiated a dual-stage withdrawal process of the accumulated tokens – withdrawing in the first wave a substantial 322.5 billion PEPE, and following up with a second heftier withdrawal of the remaining 915.85 billion PEPE.
The crypto-graveler’s stillness thus far points towards potential long-term holding intentions. This theory is further solidified by the noticeable trend of PEPE accumulation by astute traders, a sign of potential expectation for significant price swings on the horizon.
This pattern is not isolated. Spotonchain has reported other instances, witnessing two additional whales gently lifting a combined 660.7 billion PEPE off the shores of Binance and MEXC. Furthermore, Spotonchain has thrown the spotlight onto another whale – a newcomer who withdrew 322.48 billion PEPE, amounting to $2.68 million, from Binance for the first time.
The platform even drew back the veil of secrecy on a smart trader who has been navigating the PEPE currents profitably. The trader, over the course of eight trades completed since last year, racked up a cumulative profit north of $917,000.
With CoinMarketCap data indicating a mammoth year-to-date (YTD) gain for PEPE of over 500%, it’s hardly surprising that these whales are eyeing the meme coin with interest. The bullish breeze filling PEPE’s sails doesn’t appear set to die down anytime soon, although fewer than 200,000 traders have so far capitalized on this momentum.
Turning to the future, analysts are forecasting a bright outlook for PEPE. Crypto analyst Plazma recently prophesied the meme coin scaling new heights, achieving a new all-time high beyond its current record of $0.00001074 – only 20% higher than its current price.
Fellow crypto analyst Yazan echoed this sentiment, querying his followers if they were adequately prepared for an imminent all-time high. PEPE’s current ranking has it as the thirtieth largest crypto token by market cap, but an all-time high could send it soaring up the ranks. Extrapolating this projection, renowned crypto analyst and trader Murad suggested that PEPE could soon take a place among the top 10 crypto tokens by market cap, potentially overtaking Shiba Inu (SHIB) and possibly even Dogecoin (DOGE).
As it stands, PEPE is priced at $0.000008615, experiencing a slight decline from the previous day, according to data from CoinMarketCap.
