Home > Information news > PEPE whale up nearly $5M on investment within a month

PEPE whale up nearly $5M on investment within a month

Release: 2024/05/31 00:02 Reading: 223

Original author:Cointelegraph

Original source:https://coinmarketcap.com/community/articles/66589a2a2c287940abf0754a

Savvy Whale Profits Handsomely from Pepe Token

A shrewd memecoin investor has realized a substantial profit of nearly $5 million in just a month, equivalent to a 52% return on their initial investment. This achievement is particularly remarkable given that the Pepe (PEPE) token has experienced a decline of over 17% from its peak.

Whale's Lucrative Maneuver

The whale's strategy involved depositing their entire Pepe holdings into a Binance wallet on May 30. This move, reported by the data analysis platform Lookonchain, indicates that the investor may have cashed out their profits.

According to Lookonchain, "In the past 10 minutes, a whale deposited all 660.7B $PEPE ($9.52M) bought a month ago into Binance, making ~$4.95M, with an ROI of 52%."

Whale's Wallet Contents

Subsequent to the substantial Pepe transfer, the whale's wallet "0x546" now holds crypto assets worth approximately $161,449. The portfolio primarily consists of Compound (COMP) tokens, accounting for over 96% of its value.

Declining Interest in Memecoins

Amidst the earlier surge in memecoin popularity, investor interest has recently waned. Cumulative trading volume for memecoins has decreased by over 21% within the past 24 hours, falling to $10.2 billion compared to $13 billion on May 28.

Memecoin Volatility

Despite lacking inherent utility, memecoins have the potential to make investors extremely wealthy due to their volatile nature. A recent example is another savvy trader who earned a $2.7 million profit over a three-day period by trading the Donald Trump-themed MAGA (TRUMP) meme token.

Potential for Further Price Appreciation

Pepe's price has exhibited some volatility, with a decline of over 4.4% in the 24 hours leading up to 1:45 p.m. UTC. The token is currently trading at $0.00001437, down over 17% from its all-time high.

Possible Price Correction

Historical price patterns for Pepe suggest the possibility of a 40% price correction. However, pseudonymous crypto analyst Davie Satoshi speculates that this could be part of a new hype cycle, leading to a market capitalization exceeding $10 billion.

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