In a significant and bullish development for the Ethereum-based memecoin $PEPE, a prominent whale has made a notable return to the market.
The whale, identified by the wallet address 0x612, has repurchased 173.023 billion PEPE tokens, investing $1.34 million USDC at an average price of $0.000007745 per token.
This marks the whale’s second major transaction involving $PEPE. On July 25, 2024, the whale previously sold all 170.2 billion PEPE tokens, cashing out for $1.97 million USDC at an average price of $0.00001158. This sale yielded a remarkable profit of $1.77 million, representing an 886% gain after holding the tokens for nine months.
A whale with an 886% ROI spent 1.34M $USDT to buy back 173B $PEPE 9 hours ago.
In the first trade, the whale spent only 200K $USDC to buy 170.2B $PEPE in Oct 2023 and then sold all for 1.97M $USDC in Jul 2024, taking a $1.77M (+886%) profit after holding for 9 months!
Will the… pic.twitter.com/w0rqz73PHm
— Spot On Chain (@spotonchain) August 29, 2024
Bullish Sentiment Back On PEPE As Whales Makes Strategic Moves
The whale’s decision to buy back into PEPE signals renewed confidence in the memecoin, which has gained a strong following in the cryptocurrency community. The move comes at a time when the memecoin market remains highly volatile, with significant potential for both gains and losses.
Adding to the bullish sentiment around PEPE, a wallet associated with Ceffu—a custodian service by Binance—recently withdrew a staggering 1.48 trillion PEPE tokens, valued at $11.6 million, from the Binance exchange. This large withdrawal suggests that major players are once again accumulating PEPE, potentially anticipating future gains.
A wallet related to #Ceffu withdrew 1.48T $PEPE($11.6M) from #Binance just now.https://t.co/H9anq20RUY pic.twitter.com/TTq3BVtVoo
— Lookonchain (@lookonchain) August 29, 2024
These moves by high-profile investors highlight the ongoing interest and speculation in the memecoin market, particularly around $PEPE.
While the market remains unpredictable, the actions of whales and large investors often serve as an indicator of potential trends. As such, traders and investors will be watching closely to see how PEPE performs in the coming days and weeks, especially in light of these significant investments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
