$3 Million PEPE Gamble Sparks Speculation Of Incoming Price Surge
13 August 2024 - 12:00PM
NEWSBTC
Within the past week, an aggressive accumulation of 420 billion
PEPE tokens in two transactions worth 3.13 million USDT has been
made by a crypto whale identified as “cookislandstrust.eth”. This
strategic move, starting at the height of the market dip on August
5, has returned a profit of $170,000—equating to a 5.5% gain.
Related Reading: Ethereum Price Gains Strength, Outpaces Bitcoin
With An 8% Surge Whale’s Big Appetite However, the whale’s action
did not stop at PEPE. The same day, they bought nearly 3,000 Ether
against 7.05 million USDT during the market slump for an unrealized
profit of $534,000, up 7.58%. This double investment in wildly
fluctuating PEPE and more stable Ethereum reveals how this whale
precisely calculated its actions to generate the most from
turbulent market situations. A whale named “cookislandstrust.eth”
is trying to buy $PEPE at dip again! In the past 7 days, the whale
has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions,
including the big dump on Aug 5 and 2 hours ago, now making $170K
(+5.4%). The whale also spent 7.05M $USDT…
pic.twitter.com/QVnbW5AGYz — Spot On Chain (@spotonchain) August
12, 2024 Obviously, this big whale regards Ethereum as some form of
fortress, especially when turmoil occurs within the markets. The
move reflects a far greater sentiment the big guys have: Ethereum
remains a safe bet, especially when quakes are experienced in the
market. Now, this really shows how calculated this whole shift into
various volatile and stable assets was on the part of that whale.
Pepe: Market Response And Investor Sentiment “Cookislandstrust.eth”
loves aggressive buying and has got the whole crypto community
talking. Normally, when whales start to go upon bulk buying, people
take it as a bullish signal. It simply denotes the fact that these
big-time investors are of the view that the prices will go up in
the future. Now, more than ever, it’s in the hands of the traders
and market lovers to critically follow the price of PEPE in order
to see whether this will be just the tip of the iceberg. Will the
whale’s confidence start a larger trend of accumulation? Analyst
Weighs In PEPE’s performance in the recent past has been nothing
close to stable. The meme coin is quite volatile in its price
swings, classifying it as one of the riskiest investments one can
make. Yet it cautions some of the biggest investors, who buy into
the hype or speculation. Well, just recently, Crypto Titans, a
pseudonymous analyst, shared that PEPE could be set for a
significant price move. The analyst noted that this formed a
bullish pennant on the daily chart, therefore suggesting an
extension of the uptrend. More so, a bullish flag pattern was
further spotted on the 4-hour chart to indicate continuity of the
momentum. Crypto Titans believe that if PEPE breaks out from both
patterns, its price could dramatically skyrocket to $0.00000888 for
a 100% increase from its current level. He also warned, though,
that it could potentially mean a retest of lower support levels if
this upper trend line doesn’t break, adding a level of uncertainty
to the forecast. The actions of the whale mean that profits could
pay off big, but they also show the risks involved in timing the
market. Related Reading: Is Now the Time to Buy Bitcoin? Top
Analysts Predict $150K Surge On The Horizon In a market downturn,
analyst like cookislandstrust.eth will let you know what the
sentiment is. While, certainly very risky, these tremendous buys
that this whale made in PEPE and Ethereum do make a case for fast
trades. That is the issue with the high volatility of crypto: what
works for one whale doesn’t necessarily fit with what works for
normal investors. Crypto Titans, on the other hand, remains
optimistic about gains that PEPE would attain if certain patterns
do materialize, but advises a degree of prudence. In this crypto
market, the timing and the analysis are very essential but not
sufficient. One has to be very cautious and do their own research
because the strategies may not work out with everyone. Featured
image from X/@rarepepe_dao, chart from TradingView
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