<\/p>\n
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- PEPE\u2019s unimpressive price action led some holders to liquidate the memecoin.<\/em><\/li>\n
- Amount of ETH holders continues to grow.<\/em><\/li>\n<\/ul>\n
In a move that could be tagged a \u201cwise\u201d one, a whale changed 1.73 trillion Pepe [PEPE]<\/a>\u00a0 for 742.6 Ethereum [ETH]<\/a>, Spot On Chain revealed. According to the on-chain tracking platform, the said whale bought the PEPE tokens at $0.00000054 between April and May 2023.<\/p>\n
But when the memecoin was exchanged for ETH, PEPE\u2019s price was $0.0000010. This implied that the whale gained 85.7% profit, valued at $802,5000 from holding the token.<\/p>\n
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Whale 0xedc just dumped 1.731T $PEPE<\/a> ($1.74M) for 742.6 $ETH<\/a> at ~$0.0\u20851004 in the past hour.<\/p>\n
Notably, the whale bought those $PEPE<\/a> at only ~$0.0\u20865406 ($936K) in Apr and May 2023.<\/p>\n
The whale realized $802.5K (+85.7%) in profit after the sales.<\/p>\n
Follow @spotonchain<\/a> now and check\u2026 pic.twitter.com\/0L4xyrySog<\/a><\/p>\n
\u2014 Spot On Chain (@spotonchain) January 31, 2024<\/a><\/p>\n<\/blockquote>\n
PEPE liquidity has been rotated<\/strong><\/h4>\n
AMBCrypto observed that the decision<\/a> to let go of PEPE could be connected to its price action. As you probably know, PEPE\u00a0 had its breakout season last year. Within two weeks of its launch, the price had increased by almost 2700%. However, things have not been in the memecoin\u2019s favor of late.<\/p>\n
On a Year-To-Date (YTD) basis, PEPE\u2019s value has decreased by 30.74%. Also, the last 30 days have been underwhelming for the cryptocurrency. This suggests that the token might have lost its Midas touch which attracted participants to it in its early days.<\/p>\n
However, ETH\u2019s price action was different. At press time, the altcoin\u2019s price was $2,331, representing a 4.55% increase in the last seven days. It is important to also mention that while the broader market fell in the last 24 hours, ETH showed strength.<\/p>\n
Conditions like this suggest that ETH could be at the forefront of market recovery soon. AMBCrypto looked at PEPE\u2019s social volume using on-chain data from Santiment.<\/p>\n
As of this writing, the social volume<\/a> had significantly reduced compared to what it was in 2023. This decrease implies that PEPE was no longer a token with enough mentions around social media channels and among traders.<\/p>\n
<\/p>\n![\"Chart](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2024\/01\/Pepe-PEPE-08.37.48-31-Jan-2024.png\")
<\/p>\n<\/a><\/p>\n
Source: Santiment<\/p>\n<\/div>\n
ETH is on the radar of many<\/strong><\/h4>\n
But the chart above showed that ETH\u2019s social volume has been jumping. This proves that market participants were monitoring the movement of the altcoin. It could also mean that ETH was one cryptocurrency that traders believed to have long-term potential<\/a>.<\/p>\n
Another metric which showed that belief in PEPE was waning while ETH was improving was the holder count<\/a>. Interestingly, we considered the 90-day timeframe to assess the sentiment.<\/p>\n
According to Santiment, the total amount of ETH holders increased from 108 million to 113.57 million within the last three months. PEPE also experienced growth in this aspect. However, the count which was 157,000 on the 21st of January has dropped to 155,000 at press time.<\/p>\n
- Amount of ETH holders continues to grow.<\/em><\/li>\n<\/ul>\n
![\"The](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-08.43.29-31-Jan-2024.png\")
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