Crypto Whale Bags $5 Million of PEPE Tokens as Pro-Crypto Donald Trump Is Elected as US President

The sentiment across the cryptocurrency market has significantly changed as pro-crypto Donald Trump is again elected as the president of the United States.

Cryptocurrency market sentiment has shifted dramatically following the re-election of Donald Trump, a known crypto advocate, as president of the United States. Amidst the bullish outlook, a crypto whale renowned for generating substantial profits in meme coins has placed a sizable bet on the Pepe (PEPE) meme coin.

Crypto Whale Acquires $5 Million Worth of PEPE Tokens

On November 6, 2024, TheDataNerd, a whale transaction tracker, posted on X (formerly Twitter) that wallet address “0x51C” had added 5.5 million USDT to purchase a significant 535.81 billion PEPE meme coin, valued at $5.07 million, on Binance.

3 hours ago, a whale 0x51C deposited totally 5.5M $USDT to #Binance to accumulate 535.81B $PEPE (~$5.07M).Before $PEPE, he did earned $708k from trading $BRETT and $952k from $TURBO.

Address:https://t.co/dW8fVcBCRr pic.twitter.com/oMUzaNBavn

The transaction tracker also highlighted that this whale had previously generated profits of $708k and $952k in BRETT and TURBO, respectively. This substantial acquisition by the astute whale may indicate a prime buying opportunity for the PEPE meme coin.

Current Price Movement

At the time of writing, PEPE is trading around $0.0000092, having experienced a price surge of 10% over the past 24 hours. During the same period, its trading volume has also seen a substantial increase of 130%, indicating heightened participation from traders and investors amidst bullish sentiment.

Technical Analysis and Upcoming Price Levels for PEPE

Based on an expert technical analysis, PEPE appears bullish, having formed a bullish falling wedge price action and poised to break out of it. According to the technical analysis, if PEPE manages to break this pattern and close a daily candle above the $0.000010 level, there is a strong possibility of it surging by 35% to reach the $0.0000135 level in the upcoming days.

Currently, PEPE is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.

On-Chain Metrics

Despite the bullish outlook, a glance at on-chain metrics reveals a contrasting sentiment among traders. According to on-chain analytics firm Coinglass, the Long/Short ratio for PEPE currently stands at 0.95, indicating a bearish sentiment among traders.

Furthermore, its open interest has seen a decrease of 7% and has been continuously declining. This decreasing open interest suggests the liquidation of traders’ positions after a substantial upside rally or could also indicate profit booking.

A combination of rising open interest and a Long/Short ratio below 1 signals a bearish outlook, and traders commonly build short positions following this pattern.

The above is the detailed content of Crypto Whale Bags $5 Million of PEPE Tokens as Pro-Crypto Donald Trump Is Elected as US President. For more information, please follow other related articles on the PHP Chinese website!