Pepe Coin whale created a stir among market participants by selling over 130 billion PEPE in a matter of days, thereby redirecting attention to EIGEN.
A super Pepe Coin whale has shifted focus to EIGEN, which has prompted significant market discussions, amid a highly turbulent crypto market as the week begins. It is important to note that on-chain data indicated a substantial 130 billion PEPE whale selloff, and the investor simultaneously diversified his portfolio by purchasing over 200K of the Ethereum-based token.
The meme coin’s slumping action and the EigenLayer ecosystem token’s gaining action, which occurred in the midst of this exchange of positions, sparked waves of speculation regarding the future trajectories of the coins.
Pepe Coin Whale has redirected its investments, acquires EIGEN
As of November 25, a pepe coin whale sold 74.07 billion in Pepe Coin for 448.1 ETH, which is equivalent to $1.53 million, according to whale data from Spot On Chain. This transaction occurred following a recent decline in the price of Pepe Coin.
Over the past three days, the same whale was observed offloading 130.2 billion meme coins, which are valued at $2.71 million, for 891 ETH. Despite the market tension that resulted from this extensive selling, it is important to note that the super whale continues to possess 3.241 trillion Pepe Coin, resulting in a 12.6x profit of $68.3 million.
Nevertheless, the same whale also concentrated on purchasing EIGEN, exchanging 181.3 ETH for 217,348 of the Ethereum-based token in the past two days. The whale is currently in possession of 1.608 million EigenLayer tokens, which are valued at $4.31 million, and has generated an 11% profit. In general, the trade swap has generated substantial optimism regarding the primary token of the EigenLayer ecosystem, and market observers are closely monitoring the dominant meme coin.
PEPE and EIGEN prices exhibit a range of reactions
The Ethereum-based coin experienced a rise in value, capitalizing on the purchasing pressure, as the meme coin’s price declined in accordance with the selloff by the super Pepe Coin whale. The price of PEPE was $0.00002026, down 2% intraday and 5% weekly. The 24-hour low and high were $0.00001918 and $0.00002086, respectively.
In contrast, the price of EIGEN increased by nearly 7% intraday and 23% on a weekly basis, ultimately reaching $3.06. The 24-hour low and peak of the coin were $2.56 and $3.07, respectively. Despite the substantial accumulation of the Ethereum-based token, crypto market participants are still optimistic about its future. However, the remaining substantial PEPE holdings add an additional element of intrigue to the price action of the leading meme coin.
It is intriguing that CoinGape Media’s most recent analysis of the Pepe coin price indicated that the meme coin is aiming for a $0.000025 target, which has the potential to generate substantial additional momentum.
Against the backdrop of favorable technical formations on the price chart of the frog-themed cryptocurrency, this optimistic forecast is made. As the broader market continues to exhibit price fluctuations, market observers are closely monitoring both coinage for potential future price fluctuations.