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Bittime - Whale PEPE, the name for a large holder of a frog meme token, recently made a series of moves that resulted in profits of more than $3 million after a surge in the price of the token. The whale then takes a new position and shows potential profits.
Whale's Big Move Brings in Big Money
As reported by Lookonchain, a blockchain analytics platform, a whale made a big move yesterday after depositing nearly 2 trillion PEPE tokens into one of the world's largest crypto exchanges.
This whale shopping spree began on June 7, 2023, when Pepe Coin was trading at $0.000001054. The address collected 1.97 trillion Pepe tokens from June to December last year.
Just two months after spending six months, the whale deposited his entire PEPE holdings, worth around $6.07 million, into Binance. According to the blockchain analytics platform, the whale generated profits of more than $3.49 million in just a few hours.
The whale changed its position and bought 75.9 billion SHIB tokens just a few hours later. This shows that these investors see potential in the future price performance of Shiba Inu.
Also Read How to Buy Crypto:
Whales tend to have a big influence on the market because any major movement in their holdings can change market sentiment towards a cryptocurrency.
Typically, when a whale withdraws its holdings from an exchange, investors interpret it as a sign of long-term confidence in the cryptocurrency. Conversely, when a whale sells large amounts of coins, investors may perceive this as a lack of confidence in the token.
At the time of this report, the whale's major acquisition of SHIB was valued at approximately $893,000. However, currently, the token is worth more than $1 million, according to Etherscan values. This shows that an investment in SHIB increased its value by more than $100,000 in less than 12 hours.
PEPE and SHIB performance
The whale's new investment, Shiba Inu, the 19th largest cryptocurrency and second largest meme coin by market cap, has shown incredible performance in the last 24 hours.
Over the past day, SHIB price surged 25.5% and is currently trading at $0.00001388. Additionally, the token's market activity increased 127.50%, with a trading volume of more than $2.65 billion in the last 24 hours.
On the other hand, PEPE was in the spotlight yesterday due to its impressive price jump of 140% from the previous week. This frog-themed meme coin appears to be experiencing a price increase driven by market dynamics and its social media popularity.
However, PEPE is trading at $0.000002891 at the time of writing, indicating a 12% decline in the last 24 hours. Compared to yesterday's performance of the token in the same time frame, a rise of 59.47% from the previous day, PEPE appears to be facing a momentary slowdown.
Likewise, PEPE's trading volume and market cap decreased by 22.47% and 11.96% in the last day. These metrics hint at a recent decline in market activity for the cryptocurrency.
However, its performance over a longer time frame, especially its 142% 7-day price spike, shows that this meme coin is still outperforming the global crypto market, according to CoinGecko.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Pepe Coin's Rising Popularity in the Crypto Market: Analysis of PEPE's Price and Market Strength
Come join the PEPE Cashback Event
Pepe Coin Price Soars, Traders Make Big Profits
Most Popular Meme Coins February 2024: ApeMax, Pepe, BONE and More
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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