A notable development in the cryptocurrency market has emerged as a PEPE whale, who turned $74 into $6.16 million, recently made a significant move after two years of inactivity.
Over the past 13 days, the whale deposited its remaining 284.71 billion PEPE tokens into the Kraken exchange, drawing considerable attention from the crypto community.
This activity coincides with a heightened interest in PEPE, the meme-inspired cryptocurrency based on the iconic “Pepe the Frog” meme.
🔥 JUST IN: A $PEPE whale who turned $74 into $6.16M has made its final move.
After 2 years of inactivity, the whale deposited its remaining 284.71B $PEPE into Kraken over the past 13 days. pic.twitter.com/RwSwoFgWgZ
— Cointelegraph (@Cointelegraph) December 5, 2024
A recent Coinbase announcement, the largest cryptocurrency exchange in the United States, says the token is now available for trading. The exchange marked this milestone with a succinct tweet: “Wen? Now. PEPE is available for trading.”
The listing on Coinbase represents a pivotal moment for PEPE, which has experienced rapid adoption since its creation earlier this year. Alongside Coinbase, Robinhood, a platform known for its accessibility to retail investors, has also added PEPE to its trading offerings.
These dual listings have significantly increased the token’s accessibility and visibility, attracting a mix of retail traders and institutional investors to the market.
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Impact of Whale Activity on the Market
The whale’s movement of PEPE tokens to Kraken raises questions about potential selling pressure on the market. Historically, substantial deposits by large holders often precede periods of increased volatility, as the tokens may be sold, introducing liquidity and potentially affecting the asset’s price.
However, the broader context of PEPE’s recent listings on major platforms could offset such pressure by driving demand.
The timing of the whale’s deposits suggests strategic intent, aligning with the recent surge in interest and trading volumes for PEPE. These movements have added to speculation about the token’s future price trajectory and market stability, given its history of dramatic price fluctuations.
Meme Coins Gain Momentum
The rise of PEPE reflects the growing popularity of meme coins, a category of cryptocurrencies often driven by community engagement and internet culture rather than traditional utility.
Despite their speculative nature, meme coins like PEPE have captured a significant share of market attention, especially with the backing of mainstream exchanges such as Coinbase and Robinhood.
Both platforms have contributed to a notable increase in PEPE’s trading volumes, with the token gaining a broader user base and enhanced liquidity. The listings also underscore a shift in the perception of meme coins, as they become more integrated into the broader cryptocurrency ecosystem.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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