{"id":4515,"date":"2024-08-13T08:00:15","date_gmt":"2024-08-13T08:00:15","guid":{"rendered":"https:\/\/cryptd.in\/buying-the-dip-pepe-price-recovers-10-as-whales-load-their-bags\/"},"modified":"2024-08-13T08:00:15","modified_gmt":"2024-08-13T08:00:15","slug":"buying-the-dip-pepe-price-recovers-10-as-whales-load-their-bags","status":"publish","type":"post","link":"https:\/\/cryptd.in\/et\/buying-the-dip-pepe-price-recovers-10-as-whales-load-their-bags\/","title":{"rendered":"Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags"},"content":{"rendered":"<p>Crypto whales have taken advantage of the recent market downturns, loading up their bags as the price of several tokens slipped to lower levels. During the last few retraces, a whale bought over 400 billion PEPE, already registering unrealized profits from its purchase. Some market watchers believe the token is poised to lead the \u201cmemeseason\u201d after its recent performance.<\/p>\n<h2>Whale Goes On Buying Spree<\/h2>\n<p>A week ago, the <a href=\"https:\/\/www.newsbtc.com\/analysis\/eth\/ethereum-price-crashes-2000\/\" target=\"_blank\" rel=\"noopener\">crypto market<\/a> saw a significant slump, with most cryptocurrency prices nosediving by over 20%. Bitcoin (BTC) saw its price fall from the $59,000 mark to as low as $49,000 last Monday. Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market cap, retraced 24% after its price dropped below the $2,200 support zone.<\/p>\n<p>PEPE, one of the leading memecoins, also saw a price decline of over 28%, which fueled a negative sentiment among some crypto investors. After the memecoin recovered over the week, a whale decided to take profit from the frog-themed token.<\/p>\n<p>On-chain data analysis firm Lookonchain <a href=\"https:\/\/x.com\/lookonchain\/status\/1818934161417367749\" target=\"_blank\" rel=\"noopener\">selgus<\/a> that a whale had sold its 795.92 billion PEPE since August 1. The address, which withdrew its holdings from Binance on March 1, sent 400 billion tokens, worth around $4.2 million, back to the crypto exchange.<\/p>\n<p>The whale saw a return on investment (ROI) of 230%, according to Lookonchain. On Friday, the address deposited its remaining 3945.92 PEPE on Binance, making a total profit of $5.06 million.<\/p>\n<p>However, not all investors decided to sell, as one address took the opportunity to buy the dip. According to SpotOnChain, a whale named \u201ccookislandstrust.eth\u201d loaded its bags during the August 5 and August 12 <a href=\"https:\/\/www.newsbtc.com\/news\/dogecoin\/dogecoin-bounces-off-key-0-1\/\" target=\"_blank\" rel=\"noopener\">retraces<\/a>.<\/p>\n<p>Per the <a href=\"https:\/\/x.com\/spotonchain\/status\/1822812879655248030\" target=\"_blank\" rel=\"noopener\">post<\/a>, the whale purchased 300 billion PEPE a week ago and another 120 billion tokens today. In the last week, the address spent 3.13 million USDT to buy the 420 billion tokens at an average price of $0.000007455.<\/p>\n<p>At the time of the report, the investor had made over $170,000 (+5.43%) in unrealized profits. Additionally, the same address bought 2,978 ETH, worth around $7.05 million, on August 5, making over half a million in unrealized gains.<\/p>\n<h2>PEPE Recovers 10% From Monday\u2019s Dip<\/h2>\n<p>In the late hours of Sunday, the token saw its price drop from the $0.000008 level to the $0.0000076 mark, a 12% decline from the day prior. Following the buying spree, PEPE\u2019s price saw a 10% surge from the market shakeout, <a href=\"https:\/\/www.newsbtc.com\/news\/avax-poised-for-2025-surge-analysts-predict-382-all-time-high\/\" target=\"_blank\" rel=\"noopener\">reclaiming<\/a> the $0.000008 support zone.<\/p>\n<p>The recovery saw the token retest the $0.0000084 price range before retracing to the $0.0000082 level. This performance represents a 2.1% increase in the last 24 hours and a 36% surge in the weekly timeframe. As of this writing, the third-largest memecoin by market cap is trading at $0.00000823.<\/p>\n<p>According to the pseudonym crypto trader Trade4ddict, PEPE <a href=\"https:\/\/x.com\/Trade4ddict\/status\/1822966058682093816\" target=\"_blank\" rel=\"noopener\">has been<\/a> \u201cholding well again compared to most alts,\u201d despite today\u2019s dip. To him, the frog-themed memecoin \u201cconfirmed a breakout of 4 days price range\u201d on Friday, which completed the bull setup.<\/p>\n<p>The trader considers the token is \u201cgaining strength again\u201d after the latest \u201clittle correction.\u201d This suggests to him that the \u201cnext step is a breakout of the descending broadening wedge.\u201d Per the post, a breakout could lead to a run that would retest key resistance levels and propel the price to a new all-time high (ATH).<\/p>\n<p>Similarly, another market watcher <a href=\"https:\/\/x.com\/MarkETHreal\/status\/1822956796165931426\" target=\"_blank\" rel=\"noopener\">sees<\/a> PEPE as \u201clooking to lead the memeseason.\u201d The analyst highlighted the token\u2019s strong comeback after \u201cbreaking below the main support level,\u201d suggesting that an uptrend seems favorable.<\/p>","protected":false},"excerpt":{"rendered":"<p>Crypto whales have taken advantage of the recent market downturns, loading up their bags as the price of several tokens slipped to lower levels. During the last few retraces, a whale bought over 400 billion PEPE, already registering unrealized profits from its purchase. Some market watchers believe the token is poised to lead the \u201cmemeseason\u201d [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":4516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/et\/buying-the-dip-pepe-price-recovers-10-as-whales-load-their-bags\/\" \/>\n<meta property=\"og:locale\" content=\"et_EE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying The Dip: PEPE Price Recovers 10% As Whales Load Their Bags - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Crypto whales have taken advantage of the recent market downturns, loading up their bags as the price of several tokens slipped to lower levels. During the last few retraces, a whale bought over 400 billion PEPE, already registering unrealized profits from its purchase. 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