The meme token market has spawned many new crypto whales in recent weeks. As the Bitcoin price seizes the $30,000 mark, whales are once again watching for opportunities in this market.
Crypto whales on meme token hunt: Price explodes 90%
The related meme token Pepe (PEPE) has been falling below the long-term diagonal resistance line in recent weeks. During the price rally of the day, a whale collected 3.43 trillion PEPE. The same whale had done two major PEPE treatments before. He earned $11.47 million in the first one. But in the latter, he lost $741,000. We will see how profitable the last trade is in the coming days.
Whale"0x31f5" spent 4.54M $USDC and 150 $ETH ($287K) to buy 3.43T $PEPE at $0.000001406 in the past 8 hours.
The whale made ~$11.47M on $PEPE for the first time and lost ~$741K on $PEPE for the second time. pic.twitter.com/SeS8P7jaQ3
— Lookonchain (@lookonchain) June 22, 2023
Pepe back on stage
Pepe coin has been bearish since the ATH price of $0.0000044 on May 5th. It fell to $0.0000008 on June 10. The price then bounced, forming a long lower wick and confirming the horizontal area of $0.0000008 as support.
Today, Bitcoin price seeks new local highs above $30,000, while PEPE price rallies over 90%. The meme token climbed as high as $0.00000153 today. Lookonchain’s reports indicate that the whales are active during this time.
How long will the PEPE rally last: Is the crypto market ready?
Pepe’s latest move can be attributed to the strong market-wide rebound led by Bitcoin’s bullish strength. The leading crypto is gaining historic institutional acceptance, with some experts predicting a price level of $40,000 soon.
Investment giant BlackRock’s spot Bitcoin ETF application broke through soon after Deutsche Bank filed for a digital asset license. Fidelity, Citadel, and Charles Schwab have since launched a crypto exchange that offers trading of four crypto assets, including Bitcoin.
The positive mood is good news for Pepe, who has been keeping a close eye on BTC price for the past few weeks. However, investors hope that the token can deliver sustained gains in the bear market as well. This is an achievement he hasn’t had so far. A report by Santiment revealed that Pepe failed to secure individual investors, even at the ATH level.
Meanwhile, crypto analyst Michael van de Poppe says that although Pepe has seen a strong bounce, there is no clear continuation for the token yet. Also, Pepe isn’t the only meme token currently rising. It is teaming up with Shiba Inu, another cryptocurrency that is seeing bullish momentum.
In summary, further increases for Bitcoin will positively impact PEPE as investors flock to gain. With the recent rise, Pepe’s trading volume currently exceeds $250. This shows the strength of the revival in the market. As Kriptokoin.com, we have included the developments behind the rise in this article.
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