Pepe coin (PEPE) has been riding the wave of the recent crypto market bull run, displaying remarkable growth alongside major cryptocurrencies like Bitcoin and Ethereum.
The frog-themed memecoin has captured the attention of investors and whales alike, with one whale making a staggering $8.13 million in profit after a series of strategic trades.
TLDR
A PEPE whale made $8.13 million in profit after withdrawing over 1 trillion tokens from Binance before the price surge and selling 196.18 billion tokens when the price was higher.
PEPE has seen massive growth, with a 549% price increase in the last 14 days and a 799.5% rise in the past month, becoming the third-largest memecoin by market capitalization.
Analysts suggest that PEPE has room for further growth due to its relatively low number of holders compared to other meme coins like Dogecoin and Shiba Inu.
The number of PEPE holders has risen sharply in the last week, and if this trend continues, it could lead to even higher prices for the token.
However, there is also a risk of whalish selling and a potential downward trajectory for PEPE, despite its current market capitalization of $3.8 billion.
According to data from the blockchain analytics platform Lookonchain, the whale withdrew over 1 trillion PEPE tokens from Binance in three transactions before the price skyrocketed.
These withdrawals, which cost approximately $1.88 million, proved to be incredibly profitable when the whale deposited 196.18 billion tokens back to Binance, netting a profit of $1.7 million. The whale’s remaining 1 trillion PEPE holdings are now worth around $9.13 million, showcasing the immense potential of the memecoin market.
In just 2 weeks, this trader made $8.13M(+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7M) to #Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.
He withdrew 1.19T $PEPE(cost ~$1.88M) from #Binance before the price of $PEPE increased.… pic.twitter.com/FWZgIWcCYP
— Lookonchain (@lookonchain) March 10, 2024
PEPE’s recent performance has been nothing short of impressive, with the token registering a 549% price increase in the last 14 days and a 799.5% rise in the past month.
This surge in value has propelled PEPE to the top of the memecoin rankings, flipping competitors like BONK to become the third-largest memecoin with a market capitalization of $3.85 billion.
Despite the volatile nature of the crypto market and the potential for whales to sell large amounts of PEPE, the token’s community remains confident in its future prospects.
Analysts suggest that PEPE still has room for further growth, thanks to its relatively low number of holders compared to other meme coins like Dogecoin and Shiba Inu.
While Dogecoin and Shiba Inu boast 6.3 million and 1.3 million holders, respectively, PEPE currently has only around 170,000 holding addresses.
However, this number has seen a sharp increase in the last week, indicating growing interest in the token.
If the number of PEPE holders continues to rise, it could lead to even higher prices as more investors gain exposure to the memecoin.
It is important to note that for PEPE to match the number of holders of Shiba Inu and Dogecoin, it would need to increase its holder base by nine times and nearly double that, respectively.
Such an influx of investors could send the price of PEPE soaring to new heights, although this remains speculative.
As with any cryptocurrency, there is always the risk of whalish selling and a potential downward trajectory. However, PEPE’s current market capitalization of $3.8 billion suggests that there is still room for growth, and the token’s recent performance has solidified its position as a major player in the memecoin market.
The post Pepe Coin’s Wild Ride: Whale Profits $8.13M as Price Soars 800% & There’s Room for More appeared first on Blockonomi.