Smart Whale Swaps PEPE for ETH Ahead of Potential ETF Launch

A smart crypto whale has made a move that has caught the attention of the crypto community, exchanging a significant amount of PEPE memecoin for Ethereum (ETH). Interestingly, this comes just a few days before the anticipated Ethereum spot ETF decision by the SEC.

The recent update underscores growing investors’ confidence in the future price trajectory of Ethereum, catalyzed by a possible launch of the submitted filings. Even though PEPE has positioned itself as one of the top gainers in recent months, this whale has shifted interest to a more stable project in Ethereum.

Whale Exchanges 1.4 Trillion PEPE For 2,600 ETH

EmberCN, an on-chain data platform, reported this development earlier today via a post on X (formerly Twitter). According to the post, the large investors swapped 1.4 trillion PEPE (valued at $18.01 million) for 2,646 ETH (worth $9.04 million).

The whale sent 1.4 trillion PEPE to the Binance exchange on June 26 and has withdrawn ETH twice since then. The first withdrawal was made on the same day, removing 1,210 ETH (valued at $4.1 million) from the exchange platform and the second withdrawal was initiated about 2 hours ago, carrying 1,436 ETH (worth $4.94 million). Since transferring the PEPE to Binance, the whale has withdrawn a total of 2,646 ETH at an average price of $3.416.

The whale action coincides with renewed hope for the ETH ETF. Eight companies have filed S-1 amendments, as previously mentioned: BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco.

According to a recent update by Nate Geraci, ETFstore President, the launch of Ethereum ETF might happen soon, and is expected to be in about 3 weeks. As anticipation rises, the crypto community members are eagerly hoping for an impact on the price of ETH with a ripple effect across the broader crypto market.

Ethereum and Pepe Price Movements Amid Large Transaction

Meanwhile, the price of Ethereum (ETH) and Pepe (PEPE) have suffered a hit in the last 24 hours. According to data from CoinMarketCap, ETH has dropped by 0.89% over the last day, changing hands at $3,435. Notably, its 24-hour trading volume has also plummeted by 13.21% to $11.4 billion.

Similarly, the Pepe coin has declined by 2.01% in the last 24 hours to trade at $0.00001242. The trading volume within the recorded time has also plummeted by 25.05% to $465.7 million, making it the 13th most traded asset in the last 24 hours. The current PEPE price is 28% below its all-time high of $0.00001717 reached in May.