Whale Sells 130 Billion PEPE Tokens to Acquire EIGEN
A whale wallet has exchanged a significant amount of Pepe (#PEPE) meme coins for EIGEN (#EIGEN), the native token of EigenLayer, an Ethereum restaking protocol. The whale sold 130 billion PEPE tokens, indicating a trend where crypto investors capitalize on gains from meme coins to invest in major altcoins.
According to a post by Spot On Chain, a blockchain analysis platform, the "super PEPE whale" sold $130.2 billion worth of PEPE (approximately $2.71 million) for 891 ETH over three days. The whale currently holds 3.241 trillion PEPE, valued at over $64.1 million, with profits amounting to $68.3 million, representing a 12.6x gain.
On November 25th, the whale sold 74.07 billion PEPE (worth $1.53 million) for 448.1 ETH. Subsequently, the whale acquired EIGEN by swapping 181.3 ETH for 217,348 EIGEN (valued around $612,000). The whale's current EIGEN holdings total 1.608 million, approximately $4.31 million, with profits of $479,000.
The price of PEPE decreased 2.56% in the past 24 hours and fell 5.21% over the last week. Despite this, PEPE has increased 124.34% in the past month and surged 1689% since November 2023. PEPE is ranked 19th on CoinMarketCap with a market capitalization of $8.54 billion and is the third-largest meme coin. It was listed on Coinbase and Robinhood earlier in November, achieving an all-time high (ATH) of $0.00002524; it is currently trading at $0.00002028, down 19.77% from its ATH.
EIGEN Price Trajectory Looks Bullish
CoinMarketCap reports that EIGEN has risen to $3.03 after a 5.37% increase in the last 24 hours. The cryptocurrency's market capitalization stands at $566.58 million with a trading volume of $229.36 million, which is down 6.75% in the past day. EIGEN reached an all-time high of $4.53 and is currently down 33% from that figure.
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Source: TradingView
In the past week, EIGEN has increased by 25.78%, followed by a 7.57% rise in the past month. However, it is down 18.04% since its launch in September. The Relative Strength Index (RSI) for EIGEN indicates bullish control over price action, suggesting potential for higher prices.