This Crypto Whale is Accumulating Billions of Pepe Amid Price Dip

A large crypto investor, or whale, has made headlines after it was spotted trying to amass a significant amount of PEPE coins, to the tune of billions, earlier today. While some investors are worrying about the recent price dip in the coin, other smart ones are taking advantage, accumulating substantial amounts in anticipation of a rally.

Pepe coin (PEPE) quickly rose to prominence after its launch in April 2023, positioning itself as the third-largest memecoin by market capitalization, next to Dogecoin (DOGE) and Shiba Inu (SHIB). The coin has witnessed an impressive rally over the past few months, constantly sitting among the top trending cryptocurrencies daily. This latest accumulation has sent tongues wagging in the crypto space, let us take a closer look.

Whale Buys 420 Billion PEPE

Spot on Chain, a crypto large transaction tracking service, revealed that this whale, known as “cookislandstrust.eth,” has been taking advantage of the recent price dip to buy PEPE. According to the report, the whale has spent about $3.13 million USDT to buy 420 billion PEPE in the last 7 days. Notably, the aforementioned whale bought this large amount of PEPE on two separate occasions.

The first transaction occurred during the global market downturn that happened on August 5, which saw more than $1 billion wiped out of the crypto market in liquidation. During that time, the whole market was painted in red as coins saw heavy losses within a very short time.

However, this whale bought PEPE twice that day, 204.7 billion (worth $1.5 million), and 95.2 billion (valued at $664k). The second transaction happened about two hours from the time of the reporting, accumulating 120 billion Pepe coins, valued at approximately $966k. Spot on Chain noted that the whale has since realized $170k from the trades, signifying a 5.4% profit on his initial investment.

Whale Also Targetted Ethereum

Meanwhile, the whale appears to spread out its portfolio targeting other top coins including Ethereum. Per Spot on Chain data, the whale accumulated the second-largest cryptocurrency by market cap during the August 5 market crash. The data shows that “cookislandstrust.eth” spent $7.050 million to buy 2,978 ETH.

Similarly, the coins were bought in two distinct transactions that day, The first one accumulated 2.478 ETH, valued at $5.925 million, and the second one moved 500 ETH, worth $1.125 million. This whale has made $534k (7.579%) in profit since opening positions.

PEPE Price Movement

The price of Pepe (PEPE) has shown very unstable movements in the last 24 hours. According to CoinMarketCap, PEPE traded at 0.000008045 at the time of writing, representing a 2.26% increase. Meanwhile, during this time, PEPE has declined as low as $0.000007716 signifying its level of high volatility, a trait exhibited by memecoins in general.

Also, PEPE has seen an increase in its one-day trading volume by 21.33% showing increased activities by traders and investors. Consequently, its market cap has spiked by 2.2% to $3.3 billion. It is hard to determine if Pepe will sustain this rally, however, the future of the coin seems bright as it continues to command investors’ attention.