The crypto market witnessed a significant stir on August 12th, 2024, as a major investor, identified by on-chain tracking service Spot On Chain as “cookislandstrust.eth,” embarked on a massive buying spree for Pepe (PEPE), a prominent meme coin. This move sent shockwaves through the crypto community, particularly considering the current price struggles of PEPE.
This isn’t the whale’s first foray into the world of Pepe. Reports indicate past accumulations by “cookislandstrust.eth,” suggesting a long-term interest in the meme coin. However, the recent buying spree dwarfs previous activity. Over the past week alone, the whale has snapped up a staggering 420 billion PEPE tokens on two separate occasions, shelling out a total of approximately 3.13 million USDT (Tether) for the digital collectibles.
Interestingly, the whale’s timing coincides with a recent downturn in PEPE’s price. As of August 12th, the meme coin is trading at $0.000008172, reflecting a decrease of 4.95% within the last 24 hours. The market capitalization of Pepe has also dipped by 4.4%, currently sitting at $3.46 billion.
Despite the current market climate, Spot On Chain reveals that the whale is already profiting from their recent purchases. They currently hold a profit of roughly $170,000, representing a 5.4% increase on their initial investment in PEPE. This suggests the whale may be anticipating a future price surge for the meme coin.
The “cookislandstrust.eth” buying spree extends beyond PEPE. The investor also displayed bullish sentiment on Ethereum (ETH), the second-largest cryptocurrency by market cap. During the recent market downturn on August 5th, the whale used nearly 7.05 million USDT to acquire 2,978 ETH. This purchase has proven fruitful, with the whale currently holding a profit of approximately $534,000, translating to a 7.58% increase on their initial ETH investment.
The combined purchases of PEPE and ETH by “cookislandstrust.eth” are seen as positive signs for both cryptocurrencies by some analysts. This significant investment by a major player suggests a belief in the future potential of these assets, potentially boosting investor confidence in PEPE and ETH.
However, it’s crucial to remember that the crypto market is notoriously volatile. While the actions of a large investor can create temporary waves, it’s impossible to predict with certainty how these purchases will ultimately impact the long-term price trajectories of PEPE and ETH. As always, conducting thorough research and understanding the risks involved are essential before making any cryptocurrency investments.