A large cryptocurrency investor, known as a whale, makes its first-ever purchase of PEPE, a frog-themed cryptocurrency, withdrawing 375.35 billion PEPE from Binance. This coincides with significant WIF (a Solana-based dog-themed cryptocurrency) purchases by other whales, highlighting growing interest in meme coins from deep-pocketed investors. The crypto market experienced a sell-off earlier in the week, with meme coins particularly affected. However, these whale transactions suggest a potential for a future price rally.
A significant cryptocurrency transaction has sparked attention within the crypto community as a large investor, known as a whale, makes its first-ever accumulation of PEPE , a frog-themed cryptocurrency. According to on-chain analytics platform SpotOnChain, a wallet address labeled '0xf37' withdrew 375.35 billion PEPE , valued at approximately $3.73 million, from Binance , a prominent cryptocurrency exchange. This marks the whale's inaugural purchase of PEPE .
The transaction is part of an emerging trend where whales have been acquiring meme coins like PEPE and WIF (a Solana-based dog-themed cryptocurrency) from Binance. This PEPE whale is not alone in their recent activity. In a separate development, two other whales have made substantial purchases of WIF. One whale, identified as 'A3kTT', emerged from a two-year period of inactivity and withdrew 6.5 million WIF, worth roughly $5.19 million, from Binance around the same time as the PEPE acquisition. Another whale, '4x3M8', withdrew 9 million WIF, valued at approximately $7.42 million, despite reportedly sustaining a loss of $1.35 million, or -8.74%, in their previous WIF trade.These massive PEPE and WIF transactions signal a growing interest in meme coins from high-net-worth investors. If this trend of whale accumulation persists, PEPE and other meme coins could be primed for a significant price rally. Notably, the cryptocurrency market experienced a substantial sell-off at the beginning of the week, with meme coins being particularly affected. PEPE reached a low of $0.0000081 on Monday, losing a zero from its price tag before experiencing a modest recovery. At the time of writing, PEPE is up 0.64% in the last 24 hours to $0.00001023, but down 22% weekly. PEPE has been steadily declining since its all-time high of $0.000028 on December 9th. This downward trend took PEPE below its daily SMA 50 at $0.00001752 in mid-December, where it remained until late January when it plummeted to $0.0000113. The PEPE price subsequently fell further, dropping below the daily SMA 200 at $0.00001328, losing crucial support that had sustained it since November. On the positive side, a return above the daily SMA 50 and 200 would be the first indication of renewed strength
PEPE WIF Whales Cryptocurrency Transactions Meme Coins Binance Market Trends
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