Big investors are buying a lot of Pepe Coin futures, suggesting a possible price increase soon. This interest comes as Pepe Coin’s price surged by over 14% today.
The surge is linked to growing interest from large holders, or whales, and increasing investor confidence in Pepe Futures, according to recent derivatives data.
Whale Activity Surrounding PEPE Coin Revealed by Spot On Chain
Recent developments from Spot On Chain, an on-chain transaction tracking platform, shed light on significant whale activity related to the meme coin PEPE. According to their latest report, whales have been actively accumulating PEPE Coins, indicating a noteworthy shift in market sentiment.
Spot On Chain’s findings bring attention to a substantial withdrawal of PEPE tokens by a prominent whale identified as 0x546. This whale withdrew a staggering 331.3 billion PEPE tokens from Binance, valued at approximately $2.24 million, at a rate of $0.00000675 per token.
What makes this transaction particularly significant is the connection between whale 0x546 and another Smart trader, 0x1c6. It has been revealed that both entities share the same Binance deposit address.
Of note, Smart trader 0x1c6 had previously sold all UNI holdings before a significant price drop on April 10, 2024, realizing an estimated profit of $6.99 million, equivalent to a remarkable 70.7% return on investment.
Whale and Trader Activity Signals Bullish Outlook for PEPE Coin
The combined activity of whale 0x546 and Smart trader 0x1c6 has led to the withdrawal of a significant 660.7 billion PEPE tokens, valued at $4.57 million, from both Binance and MEXC exchanges. These transactions occurred at an average rate of approximately $0.00000692 per token over the past three days.
This surge in whale activity highlights a growing interest in PEPE among high-volume traders. The coordinated efforts to accumulate substantial amounts of PEPE tokens suggest a bullish outlook on the coin’s prospects.
As whales continue to exert influence in the cryptocurrency market, their strategic maneuvers serve as crucial indicators for discerning investors. The accumulation of PEPE tokens by prominent entities like Whale 0x546 and Smart Trader 0x1c6 could indicate an impending uptrend in the meme coin’s value, prompting further speculation and interest among traders.
Additionally, CoinGlass data revealed a 13.89% surge in Pepe Futures Open Interest to $66.94 million, reflecting increasing trader confidence in the meme coin’s future.
Pepe Coin Price
Moreover, Pepe Coin’s price surged by 14.16%, reaching $0.000006953 at the time of writing, with trading volume also increasing by 10.7% to $1.07 billion. Within the last 24 hours, the frog-themed meme coin reached a high of $0.000007149 and a low of $0.000005989.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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