Short Or Long PEPE? Whales Seem To Favor The Upside

The meme coin craze surrounding PEPE has cooled down for now. PEPE peaked shortly after Binance announced the listing of PEPE. Since then, the meme coin has fallen 57% from its all-time high.

However, PEPE madness could go into overtime, as the latest whale transactions show. As reported by on-chain data service Lookonchain, whales are adding to their PEPE holdings in hopes of another furious price rally.

Whales Favor Longs On PEPE?

On-chain analytics service reported Tuesday that three whales began accumulating Pepe tokens earlier this week amid a price drop of nearly 50%. One address withdrew $1.4 trillion worth of PEPE from Binance when the price was $0.000002054.

Another large investor bought PEPE with 223 ETH worth $429,000, at a price of $0.000001942. A third whale acquired 424 trillion PEPE worth $864,000, at a price of $0.000001957.

3 whales started to buy $PEPE after the price dropped.

0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.

0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.

0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI

— Lookonchain (@lookonchain) May 9, 2023

However, not all whales share this opinion. As crypto intelligence firm Arkam reports, user “pepeworldorder.eth” sold $800,000 of PEPE on Uniswap today.

“With an $800M market cap, pepeworldorder only needed to sell 0.1% of the supply to receive this. His account still holds 1T PEPE, or $1.92M,” Arkham wrote via Twitter. In addition, data from the last few days shows that other whales are also having doubts about the continuation of the meme coin rally.

On May 8, Lookonchain reported that Master Ventures sold all of PEPE, WOJAK, and SPONGE. In total, the company sold 352 billion PEPE for $770,000 USDT at $0.000002185, making a profit of about $470,000. It also sold $194,000 worth of WOJAK ($34,000 profit) and 15 million worth of SPONGE for $15,663 USDT ($10,000 profit).

On the other hand, another well-known crypto whale, Machi Big Brother, bought 6 billion PEPE again today. The crypto entrepreneur, whose real name is Jeffrey Huang, has bought a total of 66 billion PEPE with 73.4 ETH worth $137,000 in the last 3 days, with an average buying price of $0.000002082.

Yet another whale has bought 962.3 billion PEPE (over $2 million) with 70 WBTC and 470 ETH since May 5, with an average buy price of $0.000003122, currently posting a huge loss.

All in all, a slight majority of large investors seem to prefer longs. Small investors should still be cautious. As NewsBTC reported, meme coins are a “game” of whales.

Moreover, Lookonchain reported on Monday that the top 15 holders of PEPE (excluding exchanges and contract addresses) hold a total of 38.07 trillion PEPE, 9.05% of the total supply. They all made extreme profits on PEPE, with a total profit of $92.6 million and an average purchase price of just $0.0000000853.

Popular analyst @ApeDurden is short PEPE. His first target price is $0.0000001406.

If you’re having Pepe problems I feel bad for you son, I got 99 problems but your scam ain’t one. pic.twitter.com/vYH7h61Uas

— Tyler (@ApeDurden) May 8, 2023

At press time, the PEPE price stood at $0.000001890. Currently, the key support is the 38.2% Fibonacci level at $0.000001808. The key resistance to the upside is at $0.000002328 (50% Fibonacci).

Featured image from iStock, chart from TradingView.com