PEPE Price Flat as Whales Accumulate: Trader Sentiment Improving
PEPE Shows Stable Spot Rates with Signs of Improvement
PEPE, a popular meme, has remained flat in terms of spot rates, possibly due to whale activity in the market. However, recent data indicates that the meme has seen an 8% increase in value over the past day, contributing to a 20% surge in the past week. These positive trends suggest that trader sentiment is improving.
PEPE Whales Accumulating as Indicated by Lookonchain Data
Lookonchain data from September 29 reveals that PEPE whales are actively accumulating the cryptocurrency. This signals a strong interest from large investors in acquiring more PEPE tokens.
On September 28, three significant transactions worth $1.5 million were made to purchase PEPE. The following day, two new wallets spent over $800,000 to acquire a substantial amount of PEPE tokens, totaling 1.08 trillion.
In addition, one investor traded $645,000 worth of Ethereum (ETH) for PEPE. This same investor had previously purchased 1.04 trillion PEPE in August and made a considerable profit of over $2.3 million from the meme token earlier this year.
Whale participation in the market can provide reassurance to investors and boost overall confidence. PEPE holders, who were previously concerned about potential market manipulation, can find solace in the increased involvement of large investors.