• Fri. Jul 12th, 2024

Whales Moves Big, Converts PEPE Worth $18 Million to ETH

Maria Bartiromo

ByMaria Bartiromo

Jul 1, 2024

An unidentified whale made a significant move in the cryptocurrency market by converting approximately $18 million worth of PEPE tokens into Ethereum (ETH). This was one of the biggest PEPE single movements in recent months.

The market is already buzzing with excitement over the possible approval of a Bitcoin ETF by the United States Securities and Exchange Commission (SEC), which coincides with this significant transaction. Analysts noted the accuracy and timeliness of the trades, which were closely monitored on the blockchain.

These kinds of big changes frequently point to a strategic reallocation of resources, which makes analysts of the market wonder what could be driving this change. Widespread conjecture over the whale’s intentions and potential ramifications for the bitcoin market has been aroused by the conversion.

Experts Comments, Explains the Implication of the Whale Actions

There is a widely held belief that the whale is getting ready for an Ethereum price spike, which would be fueled by increasing hope that the SEC will approve a Bitcoin exchange-traded fund. Clara Johnson, a cryptocurrency analyst at Crypto Insights, said, “Whales often act with foresight, and this move could be a strategic bet on Ethereum’s potential upside shortly.

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She cleared that “Many people think that the entire cryptocurrency market could see significant inflows with the SEC’s decision on a Bitcoin ETF looming, and Ethereum is likely to benefit from this momentum.” Because of its adaptability and ability to run decentralized apps (dApps), it is a preferred option for both investors and developers.

 Blockchain consultant David Lee said, “The conversion highlights the dynamic nature of the cryptocurrency market and the importance of strategic asset management. Significant capital movements by whales can cause ripple effects that impact investor behavior and market sentiment.”

Whales Activities Explained, Linked to Spot Ethereum ETF Approval 

A PEPE whale with the address 0x837 transferred 300 billion units of PEPE, worth approximately $3.85 million into a Binance-owned wallet yesterday. This development led to a loss of $1.73 million for other whales. Another set of 1.1 trillion PEPE, valued at over $14.42 million was also deposited the next day.

This was followed by a withdrawal from a Binance account, Ethereum amounting to 1,210 ETH, worth $4.1 million. As of press time, whales have converted slightly over 1.4 trillion units of PEPE to 2,646 ETH valued at $18.01 million. The original price of these transactions was valued at $3,416, representing a systematic storage of ETH.

The major activities by the whales are in line with the wider market development that has turned in favor of Ethereum. This was made possible because of the prospective approval of the most speculated Ethereum ETF by the United States Securities and Exchange Commission (SEC). This is happening amid the SEC’s request to bidding companies to reverse those  S-1 forms it’d submitted.

All Eyes On Ethereum ETF, As Experts Make Projections

Experts believe that the Ethereum ETF approval will trigger substantial Institutional investment in Ethereum. According to some of the spot BTC ETF data, there has been an extremely strong demand for Bitcoin, especially from institutional investors after the spot BTC ETF was launched.

Market sentiment is relying on Ethereum to make its next major move. Market watchers are forecasting that the emergence of an Ethereum ETF can significantly reduce the inflows, citing the United States spot Bitcoin ETFs as clear evidence.

The projection has it that the inflow in Ethereum may slow down by 33% at the price of the current BTC ETF inflow, with a projected range from 20%-50%.  The projection is in line with the capitalization order between Bitcoin and Ethereum and suggests the robustness in the Ethereum demand.

This development may not fully reach a unique level as seen with Bitcoin. Meanwhile, there has been a bearish trend in the PEPE in the last 24 hours. This is happening as the price fluctuates between $0.000012 and $0.00001145 during an intra-day trading. The report also has it that the price of Ethereum is gradually recovering as the bulls fight to recover above $3,500.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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