Pepe, the rising star among meme coins, has experienced an impressive surge in value, climbing over 240% in the past week and 7% in the last 24 hours, with its current trading price at $0.00000767.
On-chain reports reveal significant profit-taking activity by five wallets, likely controlled by a single entity, which capitalized on Pepe’s new all-time high.
These wallets withdrew a total of 969.96 billion PEPE from Binance on January 16, 2024, when the price was a mere $0.000001227.
With the recent sales, they stand to realize an estimated profit of $5.66 million, marking a staggering 475% increase in just 49 days.
Five wallets (likely one person) took a $5.66M (+475%) profit from $PEPE at the new ATH ~8hrs ago.
They withdrew a total of 969.96B $PEPE, which was worth only $1.19M, from #Binance on Jan 16, 2024,
And then sold all $PEPE to 6.847M $USDT for a $5.66M profit 49 days later!… pic.twitter.com/jmYSds0bkw
— Spot On Chain (@spotonchain) March 5, 2024
Another whale, identified as 0x04e, recently sold 60 billion PEPE for 441,068 USDC at an average price of $0.000007342.
This transaction yields an estimated total profit of $491,000, with the whale still holding 60 billion PEPE valued at $444,000, accompanied by an additional $140,000 in unrealized profit.
Other Notable Pepe Whale Movements To Monitor
Interestingly, this isn’t 0x04e’s first interaction with PEPE. In a previous trade on February 29, 2024, the whale incurred a loss of $26.6 thousand, representing a 7.12% decline. Such trading patterns suggest a tendency to engage in short-term holding strategies.
The data underscores the dynamics of profit-taking and short-term trading strategies prevalent among whales in the meme coin market.
While Pepe’s meteoric rise has attracted widespread attention and investment, it also highlights the inherent volatility and speculative nature of meme coins.
As Pepe continues to capture the imagination of traders and investors alike, the market remains poised for further fluctuations driven by whale activity and broader market sentiment.
Amidst the excitement, investors are advised to exercise caution and implement robust risk management strategies to navigate the evolving landscape of meme coin trading.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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