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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Short Or Long PEPE? Whales Seem To Favor The Upside

Jake Simmons
Jake Simmons
2 years ago
2 mins read
PEPE

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The meme coin craze surrounding PEPE has cooled down for now. PEPE peaked shortly after Binance announced the listing of PEPE. Since then, the meme coin has fallen 57% from its all-time high.

However, PEPE madness could go into overtime, as the latest whale transactions show. As reported by on-chain data service Lookonchain, whales are adding to their PEPE holdings in hopes of another furious price rally.

Whales Favor Longs On PEPE?

On-chain analytics service reported Tuesday that three whales began accumulating Pepe tokens earlier this week amid a price drop of nearly 50%. One address withdrew $1.4 trillion worth of PEPE from Binance when the price was $0.000002054.

Another large investor bought PEPE with 223 ETH worth $429,000, at a price of $0.000001942. A third whale acquired 424 trillion PEPE worth $864,000, at a price of $0.000001957.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

However, not all whales share this opinion. As crypto intelligence firm Arkam reports, user “pepeworldorder.eth” sold $800,000 of PEPE on Uniswap today.

“With an $800M market cap, pepeworldorder only needed to sell 0.1% of the supply to receive this. His account still holds 1T PEPE, or $1.92M,” Arkham wrote via Twitter. In addition, data from the last few days shows that other whales are also having doubts about the continuation of the meme coin rally.

Related Reading

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PEPE Whale Who Earned $14.5M Turns To Turbo, Is This The Next Big Thing?

2 years ago

On May 8, Lookonchain reported that Master Ventures sold all of PEPE, WOJAK, and SPONGE. In total, the company sold 352 billion PEPE for $770,000 USDT at $0.000002185, making a profit of about $470,000. It also sold $194,000 worth of WOJAK ($34,000 profit) and 15 million worth of SPONGE for $15,663 USDT ($10,000 profit).

On the other hand, another well-known crypto whale, Machi Big Brother, bought 6 billion PEPE again today. The crypto entrepreneur, whose real name is Jeffrey Huang, has bought a total of 66 billion PEPE with 73.4 ETH worth $137,000 in the last 3 days, with an average buying price of $0.000002082.

Yet another whale has bought 962.3 billion PEPE (over $2 million) with 70 WBTC and 470 ETH since May 5, with an average buy price of $0.000003122, currently posting a huge loss.

Related Reading

dYdX Sees Sudden Decline

Crypto Whale Suffers $500,000 Loss As PEPE Price Plummets

2 years ago

All in all, a slight majority of large investors seem to prefer longs. Small investors should still be cautious. As NewsBTC reported, meme coins are a “game” of whales.

Moreover, Lookonchain reported on Monday that the top 15 holders of PEPE (excluding exchanges and contract addresses) hold a total of 38.07 trillion PEPE, 9.05% of the total supply. They all made extreme profits on PEPE, with a total profit of $92.6 million and an average purchase price of just $0.0000000853.

Popular analyst @ApeDurden is short PEPE. His first target price is $0.0000001406.

If you’re having Pepe problems I feel bad for you son, I got 99 problems but your scam ain’t one. pic.twitter.com/vYH7h61Uas

— Tyler (@TylerDurden) May 8, 2023

At press time, the PEPE price stood at $0.000001890. Currently, the key support is the 38.2% Fibonacci level at $0.000001808. The key resistance to the upside is at $0.000002328 (50% Fibonacci).

PEPE price
PEPE price, 1-hour chart l Source: PEPEUSDT on Tradingview.com
Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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