PEPE Token Whale Sells $1.77 Million Worth, Rakes in 886% Profit
Release: 2024/07/26 21:44 Reading: 864
PEPE Whale Profits from Meme Coin Investment
A PEPE whale who acquired the meme coin for $200,000 in October 2022 has realized a substantial profit of $1.77 million by selling $1.97 million worth of the asset, as reported by Lookonchain.
According to the analytical platform, the majority of PEPE addresses are in profit, particularly those who purchased above the $0.000010 threshold.
Whale Liquidates Assets for 886% Return
The PEPE whale liquidated approximately 170.2 billion tokens, netting $1.97 million USDC. Notably, two other significant whales transferred $25.95 million in Shiba Inu and PEPE to Binance in June.
One whale moved 1.088 trillion SHIB ($18.12 million), while another offloaded 700 billion PEPE ($7.83 million) and retains a holding of 800 billion PEPE ($9.22 million). In a separate transaction, a whale who purchased 660.7 billion PEPE ($9.52 million) also realized a $5 million profit on Binance, highlighting the value of the meme coin.
Price Movements and Technical Analysis
The price of PEPE has declined by approximately 20% from its peak. Recently, a whale deposited $9.52 million worth of PEPE into Binance, generating a return on investment (ROI) of 52%.
Lookonchain data indicates that many PEPE addresses remain profitable, especially those that acquired the asset above $0.000010. PEPE is currently trading at $0.00001179, down 0.7% in the past 24 hours and 6.8% in the past 30 days.
Analysts believe that the recent whale movements could reflect a strategic exit to capitalize on price stability or a reevaluation of investment strategies. However, market sentiment remains positive, with investors anticipating a potential resurgence. According to crypto expert World Of Charts, PEPE could experience a 20-30% surge this week based on the formation of a bullish pennant pattern.
Comparison to Other Meme Coins
Within the meme coin ecosystem, Dogecoin (DOGE) remains dominant with a market cap of $18.7 billion. Shiba Inu is also positioned above PEPE, with a market cap of $9 billion. PEPE currently ranks as the third-largest meme coin, with a market cap of $4 billion, just ahead of Dogwifhat (WIF). Analysts suggest that PEPE has the potential to surpass Shiba Inu and even challenge Dogecoin's top position in the long run.
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