The worth of PEPE fell drastically on Saturday to reverse a few of its gains earlier within 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 a part of the broader market downturn, recent whale movement seems to have exacerbated the situation.

Specifically, a crypto whale recently dumped an enormous 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 Constructing For ETH Spot ETF Approvals

In keeping with 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 over the weekend. Such a big exit is a transparent bearish signal for PEPE. These Ethereum holdings were subsequently staked into the Compound protocol, suggesting a long-term investment. 

On-chain data shows that the whale recently deposited 300 billion PEPE, price about $3.85 million, into crypto exchange Binance. With this residue, the whale incurred an estimated $1.73 million loss. Interestingly, this wasn’t a one-off deposit.

The whale had initially deposited 1.1 trillion PEPE tokens price $14.42 million to Binance, which were likely also converted to ETH. Consequently, this whale has deposited 1.4 trillion PEPE on Binance up to now two days.

Moreover, on-chain data shows that whale “0x837” withdrew 1,728 ETH price 5.86 million from Binance, increasing its accumulation to 4,374 ETH price $14.91 million over the past 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 amassed 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

Anticipated Launch Of Spot 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 decision. This motion reflects the market’s confidence in Ethereum, fueled by the potential launch of Spot Ethereum ETFs in July

Many market participants have drawn parallels with the events that occurred with the launch of Spot Bitcoin ETFs and speculated that Ethereum could see an analogous surge. In keeping with Bryan Armour, an ETF analyst at Morningstar, the launch of Spot Ethereum ETFs won’t generate the identical level of pleasure as Bitcoin did, given the differences in market size of each cryptocurrencies.

On the time of writing, PEPE is trading at $0.00001129 and has recovered barely since Saturday’s lows. Nevertheless, the meme token has experienced a 3.58% and three.77% decline up to now 24 hours and 7 days, respectively. Ethereum has also experienced a 3.2% decline up to now seven days and is currently trading at $3,390.

Featured image from Reddit, chart from TradingView