PEPE Token Sees Major Whale Investment Following Market Rally

TLDR

• Whale investor purchased 535.81 billion PEPE tokens worth $5.07 million
• Prior to PEPE, the whale profited from BRETT and TURBO memecoins
• Large transaction volume increased by 32.36%
• Technical analysis shows bullish falling wedge pattern
• Open Interest rose 40%, suggesting increased trader confidence

A prominent cryptocurrency whale has purchased $5.07 million worth of PEPE tokens, adding to the growing interest in the memecoin sector following recent market developments.

The transaction, which occurred on November 6, 2024, involved the acquisition of 535.81 billion PEPE tokens through cryptocurrency exchange Binance.

The whale wallet, identified by its address “0x51C,” initially deposited 5.5 million USDT to Binance before executing the PEPE token purchase.

Transaction tracking service TheDataNerd first reported the movement, drawing attention to the scale of the investment.

3 hours ago, a whale 0x51C deposited totally 5.5M $USDT to #Binance to accumulate 535.81B $PEPE (~$5.07M).

Before $PEPE, he did earned $708k from trading $BRETT and $952k from $TURBO.

Address:https://t.co/dW8fVcBCRr pic.twitter.com/oMUzaNBavn

— The Data Nerd (@OnchainDataNerd) November 6, 2024

This particular whale investor has established a track record of profitable memecoin trades. Before the PEPE acquisition, the trader successfully invested in two other memecoins, BRETT and TURBO, generating profits of $708,000 and $952,000 respectively from these earlier positions.

The timing of the purchase coincides with broader market movements in the cryptocurrency sector, as digital assets have seen increased trading activity following the U.S. Presidential Election results. This period has brought new capital flows into various cryptocurrency projects and tokens.

Market data shows that PEPE’s large transaction volume increased by 32.36% following the whale’s purchase. This uptick in volume suggests increased participation from other large-scale investors and traders in the market.

Technical analysis of PEPE’s price action reveals the formation of a bullish falling wedge pattern. The token’s price movement above the 200 Exponential Moving Average (EMA) on daily timeframes indicates an ongoing upward trend in market momentum.

On-chain metrics provide additional context for the market activity. According to data from analytics firm Coinglass, key liquidation levels are positioned at $0.00000905 on the lower end and $0.00000979 on the upper end. These levels represent points where traders have placed leveraged positions.

PEPE Price on CoinGecko

The token’s Open Interest has shown a 40% increase, reflecting the creation of new trading positions. This metric typically indicates the level of trader engagement and market participation in a particular asset.

Market observers have noted specific price levels that may prove important for PEPE’s near-term price action. The $0.00000974 level has emerged as a key threshold, with daily candle closes above this point potentially indicating further upward movement.

Trading data shows that PEPE maintains active markets across various cryptocurrency exchanges, with Binance hosting a large portion of the trading volume. The whale’s choice to execute the large purchase through Binance aligns with the exchange’s position as a major trading venue for the token.

The purchase represents one of the larger single transactions in PEPE’s recent trading history. The size of the position has drawn attention from market participants who monitor whale activity as potential indicators of market direction.

Financial records indicate that the whale’s previous memecoin investments generated substantial returns. The successful trades in BRETT and TURBO demonstrate the trader’s ability to identify profitable opportunities in the memecoin market segment.

Transaction data reveals that the whale completed the purchase through multiple orders, likely to minimize price impact and optimize execution. This approach is common among experienced traders when handling large positions.

The timing of the purchase follows a period of increased market activity in the broader cryptocurrency space. Various digital assets have experienced price movements and volume increases during this timeframe.

Market metrics show that PEPE’s trading patterns have evolved since its initial launch, with the token maintaining consistent trading volume across major exchanges. The recent whale purchase adds to the token’s trading history and market development.