The meme coin PEPE saw its price pump over 30% this week, finally breaking through the $0.0000008 resistance level on Friday for the first time since late August. PEPE had been trading below the $0.0000008 mark for the entire month of September.
According to on-chain analytics provider LookOnChain, a whale trader who previously scored big on PEPE made two more large buys this week. This trader allegedly made $2.34 million in profit (a 38,860x return) earlier this year after spending just $60 on PEPE in April.
LookOnChain reports that this same trader spent 390 ETH (around $645,000) to purchase more PEPE just 10 hours ago. Additionally, this whale also spent 550 ETH (around $951,000) to buy 1.04 trillion PEPE back on August 29.
Many speculate that this whale trader likely has insider information or is manipulating the price. However, it’s also possible they are simply making speculative bets based on technical analysis.
The PEPE price action shows the power of hype and speculation in the crypto markets. Meme coins like PEPE can see wild price swings from just a few major buyers or rumors. Traders will be closely watching to see if this PEPE whale continues to accumulate and if the rally has more room to run.
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