Whale Movement Triggers Price Drop
PEPE’s price took a hit over the weekend, dropping by 7.5% to $0.00001088. This decline is partly due to the broader market downturn, but whale movement has also played a role.
A large crypto whale recently sold off a massive amount of PEPE tokens for Ethereum (ETH). This move contributed to the downward pressure on PEPE’s price.
Whale Shifts Holdings to Ethereum
On-chain data reveals that a notable PEPE whale, known as “0x837,” converted over $18 million worth of PEPE to Ethereum. This is a bearish signal for PEPE.
The whale then staked the Ethereum holdings into the Compound protocol, indicating a long-term investment strategy.
Binance Deposits and Losses
The whale also deposited a significant amount of PEPE (300 billion tokens) into the crypto exchange Binance. This deposit resulted in an estimated $1.73 million loss.
Whale Accumulates Ethereum
Despite the losses, the whale withdrew 1,728 ETH (worth $5.86 million) from Binance. This increased the whale’s ETH accumulation to 4,374 ETH (worth $14.91 million) over the past two days.
Anticipation for Spot Ethereum ETFs
The whale’s decision to convert PEPE to ETH may be related to the anticipated launch of Spot Ethereum ETFs in July. Many investors believe that these ETFs could boost Ethereum’s price, similar to what happened with Bitcoin ETFs.
Current Price and Market Conditions
As of writing, PEPE is trading at $0.00001129, slightly higher than Saturday’s lows. However, it has declined by 3.58% in the past 24 hours and 3.77% in the past seven days. Ethereum has also experienced a 3.2% decline in the past seven days.
