The post Whale Move 500 Bln PEPE Tokens, Still Holds 1.5 Trillion Tokens, Is More Selloff Coming? appeared first on Coinpedia Fintech News
With the crypto market booming after Donald Trump’s win, memecoins are getting a lot of attention. One such memecoin is PEPE which has just doubled its price and jumped nearly 95%, hitting over $0.00002275 in just one day. Meanwhile, taking advantage of the surge an influential whale moved 500 billion PEPE tokens, worth $11.38 million to Coinbase, signaling a major profit-taking move.
Whale’s Investment Strategy Pays Off Big in $PEPE
According to Lookonchain a prominent blockchain, analytical platform, this whale started buying PEPE tokens from May 6 to September 10, 2023, spending a total of 1,173 ETH (around $2.04 million at the time) to gather an impressive 2 trillion PEPE tokens.
Over the past few months, PEPE has seen a strong surge, providing this whale an opportunity for massive gains.
Meanwhile, the recent transfer of PEPE tokens to Coinbase looks like a smart move to lock in profits. By moving a large amount of tokens to the exchange, the whale is cashing in on PEPE’s current value, turning the original $2.04 million investment into a much bigger gain.
Whale Current PEPE Holding
Even after transferring 500 billion PEPE to Coinbase, the whale still holds 1.5 trillion PEPE tokens, currently valued at approximately $36 million. Lookonchain’s analysis suggests that the whale’s total profit from this investment has exceeded $45 million.
This significant return highlights the potential profits that can be generated in the meme coin market, despite of high risk.
PEPE Price Analysis
Pepe’s market cap has soared to an impressive $9.92 billion after a recent surge, marking a 120% increase in the past 7 days. However, trading volume has exploded, with $20.3 billion in transactions over the past 24 hours up by 215%.
The rally began after Coinbase announced on November 13 that it would support Pepe on the Ethereum network as an ERC-20 token. The exchange has warned users to send PEPE only through Ethereum to avoid losing funds.
While some experts have noticed a familiar breakout pattern, similar to the one seen before Pepe’s all-time high and they predict that PEPE could hit $0.00009 by the end of 2024.