The
price
of
PEPE
fell
drastically
on
Saturday
to
reverse
some
of
its
gains
earlier
in
the
week.
Specifically,
this
price
decline
saw
PEPE
fall
to
$0.00001088,
representing
a
7.5%
decline
in
24
hours.

While
PEPE’s
price
problems
are
part
of
the

broader
market
downturn,
recent
whale
movement
seems
to
have
exacerbated
the
situation.

Specifically,
a
crypto
whale
recently
dumped
a
massive
amount
of
PEPE
tokens
for
ETH.
On-chain
data
shows
a
single
wallet
swapped
over
1.4
trillion
PEPE
tokens
for
ETH,
contributing
to
downward
pressure
on
price.

 

Anticipation
Building
For
ETH
Spot
ETF
Approvals

According
to
on-chain
data
from
TheDataNerd,
a
notable
PEPE
whale,
known
by
the
address
“0x837,”
made
a
strategic
shift
by
converting
over
$18
million
from
PEPE
to
Ethereum
over
the
weekend.
Such
a
large
exit
is
a
clear
bearish
signal
for
PEPE.
These
Ethereum
holdings
were
subsequently
staked
into
the
Compound
protocol,
suggesting
a
long-term
investment. 

On-chain
data
shows
that
the
whale
recently
deposited
300
billion
PEPE,
worth
about
$3.85
million,
into
crypto
exchange
Binance.
With
this
deposit,
the
whale
incurred
an
estimated
$1.73
million
loss.
Interestingly,
this
wasn’t
a
one-off
deposit.

The
whale

had
initially
deposited

1.1
trillion
PEPE
tokens
worth
$14.42
million
to
Binance,
which
were
likely
also
converted
to
ETH.
Consequently,
this
whale
has
deposited
1.4
trillion
PEPE
on
Binance
in
the
past
two
days.

Furthermore,
on-chain
data
shows
that
whale
“0x837”
withdrew
1,728
ETH
worth
5.86
million
from
Binance,
increasing
its
accumulation
to
4,374
ETH
worth
$14.91
million
over
the
last
two
days.

 

The
whale
0x837
already
switch
all

$PEPE
into

$ETH.

3
hours
ago,
he
withdrew
1,728

$ETH
(~$5.86M)
from

#Binance
????
he
totally
accumulated
4,374

$ETH
(~$14.91M)
during
last
2
days.

Those

$ETH
were
staked
into

#Compound.https://t.co/vUBwSf5G90

pic.twitter.com/nU5YRUHXXM

—
The
Data
Nerd
(@OnchainDataNerd)

June
29,
2024

Anticipated
Launch
Of
Spot
Ethereum
ETFs

This
whale’s
decision
to
convert
all
of
its
PEPE
holdings
into
ETH
despite
being
at
a
loss
suggests
a
deliberate
strategic
investment
decision.
This
action
reflects
the
market’s
confidence
in
Ethereum,
fueled
by
the
potential

launch
of
Spot
Ethereum
ETFs

in
July

Many
market
participants
have
drawn
parallels
with
the
events
that
occurred
with
the
launch
of
Spot
Bitcoin
ETFs
and
speculated
that

Ethereum
could
see
a
similar
surge.
According
to
Bryan
Armour,
an
ETF
analyst
at
Morningstar,
the
launch
of
Spot
Ethereum
ETFs
might
not
generate
the
same
level
of
excitement
as
Bitcoin
did,
given
the
differences
in
market
size
of
both
cryptocurrencies.

At
the
time
of
writing,
PEPE
is
trading
at
$0.00001129
and
has
recovered
slightly
since
Saturday’s
lows.
However,
the
meme
token
has
experienced
a
3.58%
and
3.77%
decline
in
the
past
24
hours
and
seven
days,
respectively.
Ethereum
has
also
experienced
a
3.2%
decline
in
the
past
seven
days
and
is
currently
trading
at
$3,390.

 

Featured
image
from
Reddit,
chart
from
TradingView

Go to Source
Author: Scott Matherson

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