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Recently, a PEPE whale made a series of moves that resulted in over $3 million in realized profits after the token’s recent price surge. The whale then took a new position and showed potential gains.
Whale’s Big Moves Bring Big Money
As reported by Lookonchain, a blockchain analytics platform, a whale made a big move yesterday after depositing almost 2 trillion PEPE tokens to one of the largest crypto exchanges in the world.
This whale’s shopping spree started June 7, 2023, when Pepe Coin traded at $0.000001054. The address accumulated 1.97 trillion Pepe tokens from June until December last year.
Just over two months after the 6-month buying spree, the whale deposited the entirety of its PEPE holdings, worth around $6.07 million, to Binance. According to the blockchain analytics platform, the whale made over $3.49 million in profit in just a few hours.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
The whale changed its position and bought 75.9 billion SHIB tokens just a few hours later. Suggesting that the investor saw potential in Shiba Inu’s future price performance.
Whales tend to hold massive influence over the market as any movement of their large holdings could swing the market’s sentiment over a cryptocurrency.
Typically, when a whale withdraws its holdings from an exchange, investors interpret it as a sign of long-term confidence in that cryptocurrency. On the contrary, when a whale sells large amounts of a coin, investors might take this as a lack of confidence in the token.
At the time of the report, the whale’s massive acquisition of SHIB was worth around $893,000. However, as of this writing, the tokens are worth over $1 million, according to Etherscan’s value. This showcases that the investment in SHIB increased its value by over $100,000 in less than 12 hours.
PEPE And SHIB Performance
The whale’s new investment, Shiba Inu, the 19th largest cryptocurrency and the second largest memecoin by market cap, has shown incredible performance in the last 24 hours.
During the last day, SHIB’s price skyrocketed 25.5% and currently trades at $0.00001388. Additionally, the token’s market activity has increased by 127.50%, with a trading volume of over $2.65 billion in the last 24 hours.
On the other hand, PEPE was making headlines yesterday due to its impressive 140% price jump from the previous week. The frog-themed memecoin seems to be in the middle of a price resurgence fueled by the market dynamics and its social media popularity.
However, PEPE trades at $0.000002891 at writing time, representing a 12% decrease in the last 24 hours. Compared to the token’s yesterday performance in the same time frame, a 59.47% increase from the day prior, PEPE seems to be facing a momentary slowdown.
Similarly, PEPE’s trading volume and market cap decreased by 22.47% and 11.96% on the last day. These metrics hint at a reduction in recent market activity for the cryptocurrency.
However, its performance in longer timeframes, especially the 7-day 142% price surge, suggests that the memecoin is still outperforming the global cryptocurrency market, according to CoinGecko.
PEPE is trading at $0.0000028766 in the hourly chart. Source: PEPEUSDT on TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
