Crypto whales have been taking advantage of recent market dips, loading up their bags as the price of many tokens has fallen to lower levels. Over the past few dips, one whale has bought over 400 billion PEPE, already racking up unrealized profits on his purchase. Some market watchers believe the token is poised to lead “meme season” after its recent performance.
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Whale continues buying
A week ago, the cryptocurrency market experienced a major downturn, with most cryptocurrencies dropping by more than 20%. Bitcoin (BTC) fell from $59,000 to $49,000 last Monday. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap, fell by 24% after its price fell below the support area at $2,200.
One of the most prominent cryptocurrencies, PEPE, also saw its price drop by more than 28%, fueling negative sentiment among some crypto investors. After memecoin recovered during the week, a whale decided to take profits on the frog-shaped cryptocurrency.
On-chain data analytics company Lookonchain open The whale has sold 795.92 billion PEPE since August 1. The address, which withdrew its holdings from Binance on March 1, sent 400 billion tokens, worth about $4.2 million, to the crypto exchange.
According to Lookonchain, the whale achieved a 230% return on investment (ROI). On Friday, the whale deposited the remaining 3,945.92 PEPE to Binance, making a total profit of $5.06 million.
However, not all investors decided to sell, as one address took the opportunity to buy the dip. According to SpotOnChain, a whale named “cookislandstrust.eth” loaded up his bags during the redemptions on August 5 and August 12.
According to mailThe whale bought 300 billion PEPE tokens a week ago and another 120 billion tokens today. Last week, the address spent 3.13 million USDT to buy 420 billion tokens at an average price of $0.000007455.
At the time of writing, the investor had made over $170,000 in unrealized gains (+5.43%). Additionally, the same address purchased 2,978 ETH, worth around $7.05 million, on August 5, making over half a million dollars in unrealized gains.
PEPE shares recover 10% from Monday’s drop
In the final hours of Sunday, the token’s price dropped from $0.000008 to $0.0000076, a 12% drop from the previous day. Following the buying spree, PEPE price saw a 10% surge from the market shakeout, reclaiming the support area at $0.000008.
The recovery saw the cryptocurrency retest the $0.0000084 price range before returning to the $0.0000082 level. This performance represents a 2.1% gain in the last 24 hours and a 36% rise on the weekly timeframe. As of this writing, the third-largest meme coin by market cap is trading at $0.00000823.
According to crypto trader Trade4ddict, PEPE He was “It’s holding its ground again compared to most altcoins,” despite its decline today. For him, the frog-themed memecoin “confirmed a 4-day price range breakout” on Friday, completing a bullish setup.
The trader believes that the token is “gaining strength again” after a recent “small correction.” This suggests to him that “the next step is a breakout of the expanding falling wedge.” According to the post, a breakout could lead to a rally that would retest key resistance levels and push the price to a new all-time high (ATH).
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Similarly, another market observer He sees The analysts said that PEPE “looks to lead the meme season.” They highlighted the token’s strong comeback after “breaking below key support,” suggesting that the uptrend looks favorable.
Featured image from Unsplash.com, chart from TradingView.com
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