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Crypto Whales Buy $5.56 Million PEPE Coins Amid Market Decline

Major crypto whales have benefited from the current market downturn. They received large quantities of PEPE (PEPE) coins, with transactions totaling approximately $5.56 million.

This activity coincides with a general decline in the cryptocurrency market.

Is PEPE ready to increase by 51%?

Spot On Chain, an on-chain analytics platform, explained that a major crypto whale, identified by Wallet address 0xa14was particularly active.

This investor withdrew 350.2 billion PEPE coins, worth $2.93 million, from cryptocurrency exchange Binance. This is the investor's fourth transaction in an ongoing series. Bringing the total estimated profits from this transaction to $1.63 million, an increase of 15%.

Additionally, since March 14, 2024, this whale has withdrawn 1.449 trillion PEPE coins from Binance at an average price of $0.000007496, for an estimated total spend of $10.86 million. After that, deposits on Binance again amounted to 789.26 billion PEPE coins, obtained at an average price of $0.000008542, for a total of $6.74 million. Currently, the investor owns 660 billion PEPE tokens, worth approximately $5.74 million.

"Previously, the whale had made a cumulative profit of $955,000 (+33.6%) over the previous three PEPE trading cycles. It has a 100% win rate. "male Spot on the channel.

Other major traders have also accumulated PEPE. According to Lookonchain, another investor purchased, Was chosen Basim 0xa4F 123.66 billion PEPE at $0.00000881, the equivalent of $1.09 million in USDC.

Similarly, wallet address 0x895 withdrew 101 billion PEPE, worth approximately $885,000, from Binance. In the meantime, invest 0x24E3 $661,000 to purchase 74.5 billion PEPE at a rate of $0.000008873.

These acquisitions took place where they were witnessed Bitcoin A significant drop. It fell almost 5% from $63,400 to $60,180 last Friday. Despite the broader market challenges, PEPE has shown resilience and a rapid recovery, currently up almost 7% from its low on Friday.

Additionally, recovery has been supported PEPE On May 3, when it broke out of an inverse head-and-shoulders chart pattern. This is a bullish chart pattern. On May 8, the meme coin retested this pattern's neckline at $0.00000785 and saw an 11% rebound.

Market analysis indicates that based on the current chart pattern, PEPE will likely reach $0.00001330, representing a 51% increase from the current market price.

Learn more: Pepe (PEPE) Price Forecast for 2024, 2025, 2026, 2027

PEPE price performance
PEPE price performance. Source: Commercial view

However, investors should closely monitor major resistance at $0.00000890. A daily close below $0.00000785 would negate this uptrend, which could signal a decline.

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