A Pepe Coin whale took the crypto market by storm, sitting with a massive profit from his frog-themed meme coin holdings.
Now, the trader appeared to be shifting focus towards another altcoin, Aster, as evidenced by his recent accumulation trend.
As a result, Aster price also defied the broader market trend and added more than 8% in the last 24 hours.
On the other hand, the global crypto market cap slipped around 1% from yesterday to $3.51 trillion, indicating a cautious stance of traders.
Pepe Coin price was also down around 2%, with the overall meme coin segment recording a slump of over 1.2% to $50.82 billion at the same time.
It’s worth noting that the crypto market has gone through a topsy-turvy road over the past few weeks, erasing much of its gain from this year’s robust rally.
However, the jump in Aster price suggests that the shifting focus of the well-known whale has lifted the market sentiment.
So, here we explore the latest accumulation data of the large investor and see how he has successfully placed his bets on Pepe Coin.
Aster Price Soars With Pepe Coin Whale Bet
Aster price has recorded a surge of nearly 9% today and hit $1.16 during writing, and its trading volume rocketed nearly 43% to $807.5 million.
Notably, the crypto has hovered between the $1.06 and $1.17 levels in the last 24 hours.
With its latest gain today, the weekly chart now shows a positive return of 13%, indicating a shifting focus of traders.
However, the monthly chart looks gloomy, as the crypto witnessed a plunge of over 25% in this period.
The Aster crypto was also in focus last month, after it revealed details on its buyback program. For context, Aster said that it plans to use 70-80% of its Season 3 trading fees for token buybacks, which might have also lifted the market sentiment.
A Closer Look Whale Bet
Meanwhile, the latest surge could also be attributed to the bets from a Pepe Coin whale. The leading on-chain transaction tracking platform, Lookonchain, highlighted the accumulation trend.
According to the report, the whale, named “ThisWillMakeYouLoveAgain,” has been actively accumulating ASTER tokens. The investor has invested $8.14 million since November 4.
This move has caught the attention of the crypto community, especially given the whale’s impressive track record. For context, the whale’s previous investment in PEPE Coin resulted in a profit of $36.21 million.
Now, with an unrealized profit of $1.1 million on ASTER, the market is keeping close track of the altcoin.
According to Lookonchain, the whale deposited 4.21 million USDT on November 4 to buy 4.6 million ASTER tokens at an average price of $0.915.
Pepe Coin Price Slips
Despite the whale making headlines in the crypto news column, Pepe Coin appears to be losing its appeal among traders.
During writing, the frog-themed meme coin’s price was down around 2% and traded at $0.000005956, and its trading volume fell 34% to $268.65 million.
Notably, the dip comes amid a broader crypto market selloff, which has impacted BTC price as well as the altcoins. However, despite the slump, the meme coin has added more than 6% in the weekly chart.
In a recent post, expert Obi_eths drew parallels between PEPE Coin’s current price action and its performance in February 2024, when the coin staged a remarkable comeback.
“Do you remember Feb 2024, when everyone thought PEPE was dead, but then it reversed and gave us one of the greatest Memecoin-rallies of all time?” Obi_eths said.
The analyst highlighted that the current Pepe Coin price movement is similar to its pre-rally phase in early 2024.
However, the ongoing volatile scenario has spooked traders, forcing them to stay on the sidelines. Having said that, investors should exercise caution, especially while placing bets on high-risk assets like meme coins.