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The cryptocurrency market is going through a major pivot that has proven attractive to some PEPE whales. Despite a growing sell-off that saw as much as $287 million in crypto liquidations combined, PEPE whales are buying the dips. According to According to data from Spot on Chain, at least two PEPE whales have made massive purchases in the past 24 hours.
PEPE whale purchases
According to Spot on Chain data, a new PEPE whale, with address ID “0x8f5,” withdrew 280 billion tokens from Binance earlier today. This massive PEPE, worth around $5 million, represents one of the most recent purchases this whale has made in 24 hours.
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last Baby whale"0xb1a" invested 3.72 million USD to buy 200.4 billion PEPE a few hours ago. This whale is particularly interesting as Spot on Chain's records show that they lost around $1.45 million trading PEPE.
Betting on PEPE is very easy considering the current price of the meme coin. At the time of writing, CoinMarketCap pegs the price at $0.0000165, down 5.81% in 24 hours. It is worth noting that this price level is the lowest level recorded by PEPE last week, exceeding a loss of 19.51%.
Stacking PEPE is a smart move with this level of traction, as it ranks first among Worst performers In the top 100. However, this increases the chances of prices rebounding soon.
Baby Jupiter's Big Trend
Among the meme currencies in the ecosystem, PEPE is arguably one of the most favored by whales. This confirms its connection to Ethereum, which it also owns Stacked on it Amid ongoing sales.
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Last month, whales had an influx of PEPE rose By 4,479% in one day, which shows its overall attractiveness. The current PEPE Relative Strength Index (RSI) value is 38, showing how oversold it is, which is a good preparation for a trend change.
PEPE's trading volume of around $1 billion also underscores the presence of deep market liquidity that could foster major open interest from investors.
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