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Bitcoinist.com


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Here’s Why PEPE Price Has Been Struggling Over The Weekend


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20240630


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Here’s Why PEPE Price Has Been Struggling Over The Weekend Here’s Why PEPE Price Has Been Struggling Over The Weekend by Scott Matherson 3 mins ago in Crypto News 0 The price of PEPE fell drastically on Saturday to reverse some of its gains earlier in the week. Specifically, this price decline saw PEPE fall to $0.00001088, representing a 7.5% decline in 24 hours. While PEPE s price problems are part of the broader market downturn , recent whale movement seems to have exacerbated the situation. Related Reading: Nigerian Crypto Boom Resurrected? SEC Embraces Innovation With New Rules Specifically, a crypto whale recently dumped a massive amount of PEPE tokens for ETH. On-chain data shows a single wallet swapped over 1.4 trillion PEPE tokens for ETH, contributing to downward pressure on price. Anticipation Building For ETH Spot ETF Approvals According to on-chain data from TheDataNerd, a notable PEPE whale, known by the address 0x837, made a strategic shift by converting over $18 million from PEPE to Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum over the weekend. Such a large exit is a clear bearish signal for PEPE. These Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum holdings were subsequently staked into the Compound protocol, suggesting a long-term investment• Экономика » Финансы » Инвестиции. On-chain data shows that the whale recently deposited 300 billion PEPE, worth about $3.85 million, into crypto exchange Binance. With this deposit• Экономика » Финансы » Инвестиции » Вклад, the whale incurred an estimated $1.73 million loss. Interestingly, this wasn t a one-off deposit• Экономика » Финансы » Инвестиции » Вклад. The whale had initially deposited 1.1 trillion PEPE tokens worth $14.42 million to Binance, which were likely also converted to ETH. Consequently, this whale has deposited 1.4 trillion PEPE on Binance in the past two days. Furthermore, on-chain data shows that whale 0x837 withdrew 1,728 ETH worth 5.86 million from Binance, increasing its accumulation to 4,374 ETH worth $14.91 million over the last two days. The whale 0x837 already switch all $PEPE into $ETH . 3 hours ago, he withdrew 1,728 $ETH (~$5.86M) from #Binance 👉 he totally accumulated 4,374 $ETH (~$14.91M) during last 2 days. Those $ETH were staked into #Compound . https://t.co/vUBwSf5G90 pic.twitter.com/nU5YRUHXXM — The Data Nerd (@OnchainDataNerd) June 29, 2024 PEPE market cap currently at $4.7 billion. Chart: TradingView Anticipated Launch Of Spot Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs This whale s decision to convert all of its PEPE holdings into ETH despite being at a loss suggests a deliberate strategic investment• Экономика » Финансы » Инвестиции decision. This action reflects the market s confidence in Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, fueled by the potential launch of Spot Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs in July Many market participants have drawn parallels with the events that occurred with the launch of Spot Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin ETFs and speculated that Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum could see a similar surge . According to Bryan Armour, an ETF analyst at Morningstar, the launch of Spot Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum ETFs might not generate the same level of excitement as Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin did, given the differences in market size of both cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. Related Reading: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Billionaire Throws Cold Water On Price Surge: Don’t Expect Fireworks At the time of writing, PEPE is trading at $0.00001129 and has recovered slightly since Saturday s lows. However, the meme token has experienced a 3.58% and 3.77% decline in the past 24 hours and seven days, respectively. Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum has also experienced a 3.2% decline in the past seven days and is currently trading at $3,390. Featured image from Reddit, chart from TradingView

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5,7566 ; Экономика#Финансы#Платежные средства#Платежные системы интернета
	#Криптовалюта#Ethereum#Bitcoin
5,7566 ; Экономика#Финансы#Платежные средства#Платежные системы интернета
	#Криптовалюта#Bitcoin#Ethereum
2,3016 ; Экономика#Финансы#Инвестиции#Вклад