Pepe

Bitcoin

Read

Spot

<p class="is-style-lead">A crypto whale has purchased $6.7 million of PEPE in the last 38 hours. The win rate was 33%.&nbsp;</p> 
<p>Crypto whales are taking advantage of the decline in Bitcoin (<a href="https://crypto.news/bitcoin-price/" rel="noopener noreferrer nofollow">BTC</a>) and other cryptocurrencies to execute large trades.&nbsp;</p> 
<p>In the latest development, a <a href="https://crypto.news/tag/pepe/" data-type="URL" data-id="https://crypto.news/tag/pepe/" rel="noopener noreferrer nofollow">PEPE</a> whale with a wallet address beginning with 0xa54 re-accumulated 4.6 trillion PEPE tokens from Binance at an average price of $0.000001409. The whole trade amounted to $6.7 million in the past 38 hours.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/pepe-whales-accumulate-more-coins-data-shows/" rel="noopener noreferrer nofollow"> Pepe whales accumulate more coins, data shows </a> </p> 
<p>According to the on-chain analytics platform Spot on Chain, the said whale’s trading strategy has a win rate of 33.3%. Previous gains from PEPE were +$614K (9.55%). This was accompanied by losses of -$260K (-7.93%) from <a href="https://crypto.news/price/bnb/" data-type="URL" data-id="https://crypto.news/price/bnb/" rel="noopener noreferrer nofollow">BNB</a> and -$89K (-13.4%) from <a href="https://crypto.news/tag/chainlink/" data-type="URL" data-id="https://crypto.news/tag/chainlink/" rel="noopener noreferrer nofollow">LINK</a>.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">🚨 Whale 0xa54 re-accumulated 4.6T <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a> from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> at $0.0₅1409 on avg ($6.47M) over the past 38hrs.<br><br>Notably, it has a win rate of only 33.3%:<br><br>+$614K (9.55%) from <a href="https://twitter.com/search?q=%24PEPE&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$PEPE</a><br>-$260K (-7.93%) from <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BNB</a><br>-$89K (-13.4%) from <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$LINK</a><br><br>💰 Total gains: $264.4K<a href="https://t.co/NRytzpx5Hd" target="_blank" rel="noopener noreferrer nofollow">https://t.co/NRytzpx5Hd</a> <a href="https://t.co/egaE7dVxLk" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/egaE7dVxLk</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1683733031633453057?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 25, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<h2 class="wp-block-heading" id="is-pepe-s-rally-over">Is PEPE’s rally over?</h2> 
<p>In June, PEPE experienced a <a href="https://crypto.news/pepe-coin-emerges-as-top-gainer-amid-market-wide-rally/" rel="noopener noreferrer nofollow">rally</a> amidst a market-wide bull run. The meme coin outperformed other cryptocurrencies, attracting attention and excitement.&nbsp;</p> 
<p>However, as time passed, the excitement surrounding PEPE dwindled. The number of new holders entering the PEPE ecosystem has significantly reduced, signaling the possibility of further price decline.&nbsp;</p> 
<p>In May, <a href="https://insights.santiment.net/read/pepe-coin-a-classic-tale-of-divergencies-7294" target="_blank" rel="noopener noreferrer nofollow">Santiment Insights</a> highlighted that meme coins, including PEPE, heavily rely on community-driven efforts with limited utility and little involvement from venture capital. Therefore, monitoring on-chain metrics, like network growth, becomes essential for investors to gauge potential demand in such projects.</p> 
<p> You might also like: <a href="https://crypto.news/meme-coins-drove-40-of-us-%d1%81rypto-investments-survey-reveals/" rel="noopener noreferrer nofollow"> Meme coins drove 40% of US сrypto investments, survey reveals </a> </p> 
<h2 class="wp-block-heading" id="pepe-price-analysis">PEPE price analysis</h2> 
<p>At the time of writing, the price of&nbsp; PEPE stands at $0.00000132, representing a 15% drop on the monthly timeframe, per data from <a href="https://www.coingecko.com/en/coins/pepe" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a>. The 24-hour trading volume of PEPE stands at $126.7 million.&nbsp;</p> 
<p>With a circulating supply of 420 trillion PEPE tokens, the coin has a market cap of $553.4 million. The Relative Strength Index (RSI) on the weekly timeframe indicates a value of 66.59, suggesting that the asset is yet to get into the overbought territory.&nbsp;</p> 
<figure class="wp-block-image size-full"> 
 <img decoding="async" width="1200" height="1200" src="https://crypto.news/app/uploads/2023/07/APEP.jpeg" alt="Whale buys PEPE coins worth $6.7m despite price decline&nbsp;&nbsp;&nbsp; - 1" class="wp-image-14180759"> 
 <figcaption class="wp-element-caption">
   Pepe price in July | Source: CoinGecko 
 </figcaption> 
</figure> 
<p>Key resistance levels for PEPE are observed at 0.0000018599, whereas the current support stands at 0.0000012552. These levels are crucial because they can indicate potential breakout or reversal points.</p> 
<p>If the price breaks above the resistance level, it could signal a bullish breakout, potentially leading to further price appreciation. Conversely, if the support level fails, it may indicate a bearish reversal, suggesting that the price could decline further.</p> 
<p> Read more: <a href="https://crypto.news/pepe-clinches-2-month-high-amid-recent-rally/" rel="noopener noreferrer nofollow"> PEPE clinches 2-month high amid recent rally </a> </p>

Whale buys PEPE coins worth $6.7m despite price decline

Table of Contents

crypto.news

Other articles published on Jul 25, 2023

Exploring the Rise of Cryptocurrency Adoption in Australia: Trends and Factors Driving Growth

Bitcoin On-Balance Volume (OBV) Indicates Market Bias, Highlights Emotional Trading Trends

Worldcoin’s Construction: Navigating the Challenges of Decentralized Proof-of-Personhood

ETH Worth $30.8m Dumped on Binance by a Whale in the Past 24H

Whale Activity Rises In Bitcoin, Which Whales Are Driving The Price? Glassnode Report

Worldcoin (WLD) Price Dips Nearly 40% Amid Skepticism With Tokenomics and Ecosystem’s Security

Join our free newsletter for daily crypto updates!