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1.3 Trillion PEPE Accumulated by This Whale in 3 Days: Is It Insider Trading?

Fri, 08/11/2023 - 10:23
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Arman Shirinyan
PEPE going through questionable series of exchanges between large whales
1.3 Trillion PEPE Accumulated by This Whale in 3 Days: Is It Insider Trading?
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The movement of large token volumes can send ripples throughout the market. Recent activity around PEPE tokens has raised more than a few eyebrows, with a particular whale making considerable purchases. This whale added an impressive 1.29 trillion PEPE to their stash, an investment worth around $1.61 million, all within a span of a mere three days.

The latest transaction indicates that this particular whale secured another 486 billion PEPE from Wintermute Trading just eight hours ago, which amounted to approximately $604,000. Such sizable and rapid acquisitions naturally lead to speculation and scrutiny from the crypto community.

PEPE chart
Source: TradingView

One of the primary concerns arising from these transactions is whether we are witnessing a case of insider trading. While it is not uncommon for whales to make significant moves, the recent buying and selling patterns have been decidedly unusual. PEPE whales seem to oscillate between offloading vast token quantities and buying them back in large numbers. Such behavior can manipulate market sentiment and, in turn, influence other investors.

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From a pricing standpoint, despite a flurry of activity, PEPE has yet to breach the 21 EMA resistance level. This resistance appears formidable, and breaking through it will require more than just a few large transactions. One significant roadblock is trading volume. Currently, PEPE's trading volume is the lowest it has been in several weeks, making it harder for the token to gather the momentum needed to overcome the 21 EMA hurdle.

The unusual trading patterns, especially amid recent whale activities, do raise questions. However, unless the trading volume witnesses a spike, it is unlikely that PEPE will make significant headway in its price journey.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.