Whale's Strategic Moves: Accumulating $PEPE with 320 $ETH Purchase Worth $529K

A prominent whale in the digital currency space has once again demonstrated their fervor for non-fungible tokens (NFTs) by purchasing a significant amount of the popular $PEPE tokens.

Timeline of Ethereum, Pepe

One of the leading cryptocurrency exchanges, Bitstamp, has communicated its intention to conclude its Ether (ETH) staking service for users in the U.S. by September 25, 2023. Upon this action, all staked assets will be returned, and both rewards and principal amounts will be transferred into Bitstamp customer accounts.

The PEPE token registered a sharp decline in price after millions worth of the meme token flooded prominent crypto exchanges such as Binance, Bybit, and OKX. The PEPE token is the third largest meme coin by market capitalization and has been the best-performing crypto asset of the ongoing year.

Cryptocurrency exchange Bitstamp announced it would end Ethereum (ETH) staking services to its US customers as of September 25. The exchange cited the US regulatory environment as a deciding factor.

PEPE Coin, the deflationary memecoin launched earlier this year, has recently witnessed strong network activity and reportedly, the developer team is selling in huge quantities. As per the recent data from Etherscan, the PEPE team's wallet moved approximately 16 trillion PEPE tokens (equivalent to about $15.08 million) to four cryptocurrency exchanges (CEXs).

The cryptocurrency landscape is evolving rapidly, with institutional interest in Ethereum gaining significant traction. Investment firms ARK Invest and 21Shares are leading the charge and have recently collaborated to propose two Ethereum futures exchange-traded funds (ETFs).

PEPE has tanked more than 16% after the threshold of keys for its multisig wallet was reduced to 2/8, followed by outflow of PEPE tokens worth over $15 million to multiple centralized exchanges.

Over the last week, Ethereum (ETH) has seen its price take a slight hit following the general market crash due to reports of a massive Bitcoin sell-off. According to data from CoinMarketCap, ETH is down by 5.01% in the last seven days, bringing its total price loss in the previous month to 10.80%.

In the expanding realm of cryptocurrency, decentralization is the battle cry, yet there's a startling reality surfacing. Binance's latest revelations confirm that all major Ethereum L2 rollups are, in fact, centralized.

Following the crypto market crash last week, Ethereum whales look to be gearing up for a recovery as they accumulate ETH. This accumulation trend is very telling of what these large investors expect the market to do next, which could serve as an indication of what's to come.

Failed crypto custodian Prime Trust revealed new details about its past financial shortfalls in a filing submitted to bankruptcy courts on Aug. 24. That filing indicates that Prime Trust's investment in the TerraUSD (USTC) stablecoin resulted in millions of dollars of losses for the company.