Buy the Dips: With the Whale loading up, PEPE price rebounds 10%
CryptoWhales took advantage of the recent market downturn, accumulating a large amount of funds as several Tokens dropped to low levels. In the recent pullbacks, a Whale purchased over 400 billion PEPE, already gaining unrealized profits from the purchase. Some market observers believe that, given its recent performance, the Token is expected to lead the "Meme Season".
A week ago, the cryptocurrency market fell significantly, with most cryptocurrency prices dumping by over 20%. The price of BTC (Bitcoin) fell from the $59,000 mark to a low point of $49,000 last Monday. Meanwhile, the second largest cryptocurrency by market cap, Ethereum (ETH), retraced 24% after falling below the $2,200 support level.
As one of the leading memecoins, PEPE's price has also dropped by more than 28%, which has intensified negative sentiment among some cryptocurrency investors. After the recovery of memecoins in a week, a Whale decided to profit from the frog-themed Token.
On-chain data analysis company reveals that since August 1st, a Whale has sold its holdings of 795.92 billion PEPE. The Address withdrew its holdings of Token from an exchange on March 1st and sent back 400 billion Tokens (worth about $4.2 million) to the Cryptocurrency exchange.
Data shows that the ROI of this Whale is as high as 230%. On Friday, the Whale deposited the remaining 3945.92 PEPE into an exchange, making a profit of 5.06 million dollars. However, not all investors decided to dump, as there was an Address that took the opportunity to Buy the Dips. It is said that a Whale named 'cookislandstrust.eth' loaded up during the retreats on August 5th and August 12th.
According to the post, the Whale purchased 300 billion PEPE a week ago and 120 billion Tokens today. In the past week, the Address has spent 3.13 million USDT to buy 420 billion Tokens at an average price of $0.000007455 per Token.
As of the time of the report's release, the investor has realized unrealized profits of over $170,000 (+5.43%). In addition, the same Address purchased 2,978 ETH on August 5th, worth approximately $7.05 million, and has realized unrealized gains of over $500,000.
On Sunday evening, the price of the Token fell from $0.000008 to $0.0000076, a decrease of 12% compared to the previous day. After a buying frenzy, the price of PEPE pumped 10% in a market fluctuation, reclaiming the support zone at $0.000008.
After the recovery, the Token retested the price range of $0.0000084 and then fell back to the level of $0.0000082. This performance indicates a 2.1% pump in the past 24 hours and a 36% pump over the week. As of the time of writing, the trading price of the third largest memecoin, calculated by Market Cap, is $0.00000823.
According to the Cryptocurrency trader Trade4ddict, PEPE "still performs well compared to most AltCoins" despite today's decline. For him, this memecoin themed on frogs has completed the Bull Market setup on Friday by "confirming a breakout of the 4-day price range".
This trader believes that after the recent 'minor correction', the Token is 'strengthening again'. This means to him that the 'next step is to break the descending expanding wedge'. According to the post, the breakout could lead to a pump, retesting the key resistance level and pushing the price to a new all-time high (ATH).
Similarly, another market observer believes that PEPE "is expected to lead the memeseason". The analyst emphasized that after breaking through the major support level, the token has rebounded strongly, indicating that the pump trend seems favorable.
(Data Source: Rubmar Garcia)