Whale Buys Billions of PEPE, Potential for Value Surge

• A whale purchased 173 billion PEPE tokens for 1.34 million USDC.
• The whale has already made a return of 886% ($1.77) on its PEPE holding. 
• PEPE is buying and selling at $057818 and is up 1.80% previously 24 hours.

Meme coin PEPE (PEPE) is poised for a worth surge as a whale not too long ago acquired a large 173 billion tokens amid a broader digital asset market collapse, with the crypto neighborhood now anticipating an analogous market reversal primarily based on PEPE’s worth surge.

In line with a put up on social media platform X (beforehand often known as Twitter) by blockchain evaluation platform Lookonchain, a whale spent 1.34 million USDC tokens to buy 173 billion PEPE tokens. The whale has already made $1.77million (+886%) from its funding within the meme coin and evidently the pockets stays bullish on the digital asset. Lookonchain additional added: 

“This dealer spent 200K $USDC to purchase 170B $PEPE on Oct 25, 2023 and held it till Jul 25, 2024, when he bought it for 1.97M $USDC, making a revenue of $1.77M(+886%)!”

In line with the information from CoinMarketCap, PEPE has been probably the greatest performers throughout the latest market rally and is up 826.49% since August final yr. On the time of writing, PEPE is buying and selling at a price ticket of $0.057818 with a market capitalization of $3.29 billion and is the Twenty fifth-largest cryptocurrency by valuation. 

Additional, the cryptocurrency is up 1.80% previously 24 hours whereas the buying and selling quantity of the PEPE token is down 7.61% and at the moment stands at $714 million. The meme coin is down 54.47% from its all-time excessive of $0.00001718 witnessed in Might this yr. The cryptocurrency reached a every day excessive of $0.058106 after which fell all the way down to a every day low of $0.057392 amid the whale scooping up 173 billion PEPE.

In line with the chart supplied by TradingView, the Relative Energy Index (RSI) of the PEPE meme coin stands at 43.95 which implies that the bears are at the moment accountable for the meme coin’s worth motion.

The whale’s accumulation of PEPE tokens might result in a short-term worth enhance. Nonetheless, the broader market’s efficiency will even play an important function. If the general market experiences a surge in shopping for quantity, PEPE might see a big worth rise.