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Home»ALTCOIN NEWS»Whales rampantly buy PEPE amid liquidation crisis
ALTCOIN NEWS

Whales rampantly buy PEPE amid liquidation crisis

By Crypto FlexsNovember 7, 20243 Mins Read
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Whales rampantly buy PEPE amid liquidation crisis
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  • Pepe Token rose 16% as the US election sparked a rally across markets.
  • Anticipating this move, one cryptocurrency whale purchased numerous PEPE coins.
  • Market clearing statistics show an unlikely trend with price spikes.

Crypto whales have been spotted making multi-million dollar movements in Ethereum (ETH). An investor deposited $2M Tether USD (USDT) into Binance in the early hours of November 6, 2024, and cashed out 212.448B Pepe (PEPE) an hour later into a self-managed wallet.

Will PEPE prices eliminate another zero?

An additional $2 million USDT stablecoin was deposited on Binance in just one hour, primarily disbursed for 207.686 billion PEPE coins worth $1.969 million as of Stamp trading hours. The cryptocurrency whale’s move formed a daily local double top at $0.00000960 around 8 AM UTC, ahead of Pepe’s double-digit rise.

The large cryptocurrency trader currently holds $5 million worth of PEPE coins in his Ethereum wallet, with other assets not exceeding $135. Previously, this smart money investor made his $2 million fortune with several meme coins and altcoins, including Brett (BRETT), AI-generated $TURBO, Chainlink (LINK), and other coins.

Traders suffered significant losses on Ondo (ONDO) and Floki Coin (FLOKI). The decision to hold more than 99% of the current digital asset in PEPE is similar to the strong belief in the frog-themed meme coin, which has yet to recover its monthly high of $0.000001169.

Explaining the liquidation anomaly of PEPE

During a strong streak, Pepe has hit a new 7-day high, but is still only halfway to regaining his 30-day high. As Donald Trump’s victory becomes clear, the upward momentum has attracted cryptocurrency traders who believe PEPE has political implications.

The renewed heightened interest in derivatives markets was evident as speculative trading in PEPE increased 101% to over $2.4 billion at press time. Interestingly, CoinGlass’ real-time 24-hour liquidation data reports that PEPE long price position liquidation exceeded short sell liquidation by a factor of two.

The columns in CoinGlass analysis show derivatives clearing data for the PEPE token over a 24-hour period.
overhead 24-hour clearing statistics for derivatives markets provided by CoinGlass

It is unusual for a long trader to lose twice as much as a short trader during a double digit rally. Derivatives traders using leverage to play on perpetual contracts could have taken on higher risk for larger multipliers, but PEPE’s price volatility could have simply wiped out both sides of the camp with the highest leverage.

On the flip side

  • PEPE coin has a massive total supply of 420.69T, far more than the most popular meme coins except SHIB, which has 589T.
  • This imbalance between liquidation of Pepe Coin’s stablecoins to alienated perpetual assets leads to the use of unpleasant leverage multipliers.

Why This Matters

Large, profitable investors tend to be the first to discover emerging cryptocurrency market trends.

Check out DailyCoin’s popular cryptocurrency stories:

DailyCoin Bitcoin Regular: Strong Signal for $100K Bitcoin Rally
BlackRock’s Fink: Cryptocurrency Will Win Regardless of Election Results

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