The cryptocurrency industry has been on a roller coaster ride. Meme coins like PEPE have been undergoing significant volatility. The altcoin saw more than 34% rise over the past seven days.
However, the meme coin was trading at $0.000008376 at press time, with a 0.26% drop over the past 24 hours. The 42% rise in daily volume increased selling activity instead of buying since the asset price did not see a massive surge.
According to data from Changelly, PEPE is expected to record an uptick in the next couple of days. The asset will trade around $0.00001041 on August 15, following a 24% surge from its current price level. This surge, eliminating a zero, gives meme coin investors a much-needed boost.
Whale Activity and Market Impact
Whale’s Buying Spree
Amidst this, a prominent whale named “cookislandstrust.eth” was seen making news for its moves. The whale has been buying a large amount of meme currency.
Recent Purchases
Recent data shows the whale bought an impressive 420 billion PEPE tokens twice. To purchase Pepe, they spent about 3.13 million USD.
The initial purchase was made on August 5, during the significant cryptocurrency crash. Only a few hours ago, the second meme coin purchase was initiated.
Also Read: PEPE Coin’s 2024 Reversal: The Ultimate Buy Opportunity?
Profit Analysis
Since the PEPE coin’s price is dropping, it’s clear the whale is buying the dips. Pepe’s market value has decreased by 4.4% to $3.54 billion.
Also Read: Brett, Pepe, Dogwifhat Among Top Crypto Gainers as Meme Coins Recover
Spot On Chain revealed that the whale is making a $170,000 profit despite the market decline, a 5.4% increase over their earlier investment.