PEPE’s Spot Rates Remain Flat Amid Whale Activity
PEPE, a meme token, is currently experiencing stability in its spot rates. This can be attributed to the presence of whale activity in the market. Recent tracking data indicates that PEPE has seen an 8% increase in value today and a notable 20% gain over the past week, suggesting that trader sentiment is improving.
Accumulation of PEPE by Whales
Data from Loconchain on September 29 reveals that whales holding PEPE tokens have been accumulating them.
According to a Twitter post by Loconchain, two new wallets were created three hours ago, and a total of $801,000 was spent to purchase 1.08 tons of $baby. Another wallet spent $335,349 in $USDT to acquire 456 billion $baby. Additionally, $465,839 in $USDC was used to buy 629 billion $baby. This information can be found here.
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Significant Transactions for Baby Tokens
On September 28, three major transactions with a total value of $1.5 million were completed to purchase baby tokens. The following day, two new governors spent over $800,000 to acquire 1.08 trillion pepi tokens.
A Twitter post by Loconchain reveals that an individual made $2.34 million (38,860x) on $baby. They spent 390 $ Ethereum ($645,000) to buy more $baby tokens within six hours. Another person spent 550 $ Ethereum ($951,000) to purchase 1.04 tons of $baby tokens on August 29. The post can be viewed here.
Furthermore, an investor traded $645,000 worth of Ethereum (ETH) for baby tokens. This same investor had previously bought 1.04 trillion PEPE tokens in August and made over $2.3 million from the meme token earlier in the year.
Whale participation in the market can provide reassurance to investors and boost overall confidence. PEPE holders were previously concerned about potential market manipulation earlier this month.
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