A remarkable transaction has shaken the cryptocurrency market as a crypto whale reportedly invested $10.4 million into meme coin PEPE.

This substantial investment, unfolding amid a surge in market activity, has triggered intense discussion about the future of this meme-inspired digital asset.

Spot On Chain, a well-regarded crypto analytics platform, spotlighted the transaction. Details emerged about a multi-signature wallet known as 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9, which facilitated the movement of an astonishing 915.85 billion PEPE tokens from Binance.

This initial transaction was valued at approximately $7.75 million, calculated at a rate of $0.000008466 per token.

In a swift succession over the next 28 hours, the same wallet executed additional withdrawals. It amassed a total of 1.238 trillion PEPE tokens from the centralized exchange. This sequence of transactions cumulatively amounted to the eye-catching $10.4 million PEPE investment.

“Overall, the wallet has withdrawn 1.238 trillion PEPE via 2 transactions from Binance at $0.000008424 on average ($10.4 million) in the past 28 hours for the first PEPE trade. Previously, the whale had gained $146,000 (+14.2%) from one INJ trade but lost $118,000 (-8.01%) from one RNDR trade. The whale did not hold both tokens for long,” analysts at Spot On Chain said. 

Currently, PEPE exhibits promising market trends. Despite a slight 1.2% dip in the last 24 hours, the meme coin has soared by 29.70% over the last month. With PEPE trading at $0.000008532, its position above the 50-day Simple Moving Average and a healthy Relative Strength Index of 62.78 indicate a stable market sentiment, reinforcing investor confidence.

Read more: Pepe (PEPE) Price Prediction 2024/2025/2030

The influx of significant capital into PEPE highlights an expanding interest in niche cryptocurrencies. Indeed, these tend to benefit from robust community support and a meme-based allure. PEPE’s unique frog-themed branding has endeared it to a broad audience, contributing to its growing traction in digital currency.

Although the motives of the whale remain undisclosed, market analysts suggest that the investor might be capitalizing on the rising potential of meme coins to diversify their investment portfolio and harness nascent market opportunities.

The post Crypto Whale Buys $10.4 Million in Meme Coin PEPE appeared first on BeInCrypto.

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