As of now, the overall market is experiencing a massive decline, with top cryptocurrencies like Bitcoin, Ethereum, Solana, and others experiencing a price drop of 5-6%. Amid this mild crash in the market, whales, retailers, and institutions are looking to accumulate. On June 10, 2024, the on-chain analytics firm LookOnChain made a post on X, highlighting that whales and fresh wallets are buying Uniswap (UNI), Pepe (PEPE), and other tokens.
Whale eyes on PEPE and UNI amid price drop
According to LookOnChain, in the last hour, the whale address 0x3492 withdrew a massive 870K UNI tokens worth $8.5 million from the OKX cryptocurrency exchange. Another whale address, 0xe841, withdrew a massive 7.69 million Bluzelle (BLZ) tokens worth $2.16 million from the world’s biggest cryptocurrency exchange, Binance.
Additionally, two more whale addresses, 0x81cC and 0xf226, have withdrawn a massive 304.4 billion PEPE tokens worth $3.4 million from Binance. This huge withdrawal of UNI, PEPE, and BLZ highlights whales’ interest and confidence in these tokens. This is not the only purchase whales have made during this market fall. On June 8, 2024, a PEPE whale purchased over 448 billion tokens worth $5.48 million during the price fall, whereas on June 6, 2024, Shiba Inu (SHIB) whales purchased 1.35 trillion tokens worth $35.2 million during the price drop.
However, there is no negative news or any regulatory updates in the market causing this market fall. There might be a possibility that this recent price fall or market correction is due to massive long liquidation leverage. Additionally, this price correction might be a signal for a potential bull run.
PEPE and UNI price-performance analysis
As of now, PEPE is trading near $0.0000125 and has remained stable in the market for the last 24 hours. Over a longer period, PEPE experienced a price correction of nearly 20% in the last 7 days. However, in the last 30 days, PEPE saw a price surge of 45%. Despite this massive PEPE purchase, the 24-hour trading volume is also down by 32%, indicating less user participation in PEPE tokens.
Meanwhile, the UNI token is trading near $9.7 and experienced a 3% price drop in the last 24 hours. Over a longer period, the UNI price has remained stable for the last 76 days. However, in the last 30 days, UNI tokens have seen a price surge of 30%, which happened due to the approval of the spot Ethereum ETF (Exchange Traded Fund) in the United States.
