Whale Goes All-In on PEPE as Price Rebounds - Will Meme Coin Mania Return?

According to blockchain analytics platform Spot On Chain, a large investor has made a substantial purchase of 437.7 billion PEPE tokens for 1,413.4 WETH ($2.72 million)

A large investor, known as a "whale," has rapidly accumulated a staggering 437.7 billion PEPE tokens for 1,413.4 WETH ($2.72 million) over the last eight hours, according to blockchain analytics platform Spot On Chain.

The transaction was completed as PEPE’s price displayed a strong rebound, adding over 8% to trade at $0.000006450 at the time of writing. Notably, all ETH used for the purchase flowed from TornadoCash, a privacy-focused Ethereum mixer, into various new receiving wallets.

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The investor executed three major purchases within a short period, showcasing a focused accumulation strategy.

The series of transactions coincided with an upward price trend, suggesting the whale’s entry may have fueled buying pressure.

At the time of the last purchase, the investor’s unrealized profit stood at $103,076, indicating a 3.789% increase following the accumulation.

The price chart highlights a period of consolidation as PEPE’s value began its ascent.

As the accumulation continued, the token surged past previous resistance levels before encountering a pullback.

The chart shows a potential support zone emerging between $0.00000120 and $0.00000130, suggesting a level where demand previously outweighed selling pressure.

Market participants will be observing whether the PEPE meme coin can sustain its momentum and break through the pending resistance. The whale’s holdings could play a role in short-term price fluctuations, depending on whether the investor chooses to hold or sell.

A new whale just spent 1,413.4 $WETH ($2.72M) to buy 437.7B $PEPE in the past 8 hours as the price rebounded!Notably, the whale received all its $ETH from #TornadoCash through multiple wallets.Let’s track this whale with @spotonchain via https://t.co/7jiAlqRlzDpic.twitter.com/1wjVh2lr3e— SpotOnChain (@spotonchain) March 12, 2024

The use of TornadoCash for funding the transactions sparks speculation about the capital’s origins.

The platform, known for its role in privacy-focused cryptocurrency transactions, has been sanctioned by regulatory bodies due to concerns about facilitating illicit fund transfers.

Whenever large sums move through TornadoCash, it tends to attract scrutiny from authorities.

From a trading perspective, liquidity remains a factor to consider, as a sudden sell-off by the whale could lead to a rapid decrease in PEPE’s price.

Retail traders often react to whale movements, which in turn amplifies volatility in the short term.

Analysts suggest that if the buying pressure persists, we could see PEPE’s price testing the higher resistance levels. However, they also caution about the potential for profit-taking events, which could interrupt the bullish trend.

As interest in meme coins shows signs of a comeback, investors will be following the developments closely to see if this signals a broader resurgence for the sector or if it remains an isolated event driven by whale activity.