In less than a month, Pepe Coin’s whales, which had risen in triple digits, began to take profits. Altcoin whales are changing direction after recent heavy purchases.
Pepe Coin whales pocket million-dollar earnings
Launched in mid-April, Pepe Coin rallied over 200% in a short time. In its early days, it recorded over 100% gains in just a 24-hour time frame. Moreover, it now ranks among the top 100 with a market cap of $582 million. While it led its early investors to millionaire in just one week, it now seems to be facing strong selling pressure.
Today, on-chain analytics platform Spot On-Chain shared an interesting post on Twitter about a particular Pepe (PEPE) whale who has mastered the art of buying and selling PEPE just as market conditions mature.
https://twitter.com/spotonchain/status/1652845986807709696
According to the findings, the whale traded $1.8 million worth of 925 ETH for 3,400 billion PEPE today, after achieving an astonishing return on investment of 1,650% in just two weeks. According to on-chain data, the whale first purchased 5.421 billion PEPE with just 1 ETH about 16 days ago. On April 24, the whale made its first profit by trading 21.64 billion PEPE for 3.5 ETH via Uniswap before its other big swap today.
Notably, to date, the whale has sold 3.421 billion PEPEs, representing about 0.814% of the total PEPE supply. But it still has 2,000 billion PEPEs worth $1.5 million.
More altcoin whales are abandoning Pepe Coin
There were different whales profiting from PEPE. On-chain analyst “The Data Nerd” highlighted another whale that was consistently high selling for a total realized gain of $400,000. The whale ranks 8th on the list of the largest PEPE whales. The whale currently has 4.7 trillion Pepe Coins worth about $2.7 million.
Amidst the meme hype, a large $PEPE Whale has decided to take profits on its holdings today.
It continuously sells high for a realized gain of 7000x ($400K)
It is the Top 8 Holder, with 4.7T left ($2.7M)https://t.co/rbws0dVodH pic.twitter.com/rVR8wUvplF
— The Data Nerd (@OnchainDataNerd) April 30, 2023
Additionally, Look on-chain spotted a whale selling 100 billion PEPE for 21 ETH. The whale made a profit of about $40,000 when the price was at $0.0000004007.
According to the analysis, the same whale had purchased 5.9 trillion PEPE four days ago when the price was at $0.0000001933. According to data from Etherscan, the whale currently has over $4 million in PEPE of $3.9 trillion.
This guy sells $PEPE every time the price of $PEPE increases.
He sold 100B $PEPE for 21 $ETH($40K) at $0.0000004007 just now.
So far, he has sold 800B $PEPE (14% of all $PEPE) and got 117 $ETH ($221.5K), with an average selling price of $0.0000002744.https://t.co/tn1YWvldAi pic.twitter.com/FyBRzH2RSj
— Lookonchain (@lookonchain) April 29, 2023
Pepe Coin continues to rally despite selling pressure
According to CMC data, the price of PEPE has increased by 111% compared to the last 24 hours. Its gain since last week has exceeded 300%. The source of the latest rally was the announcement of popular crypto exchange OKX that it will list Pepe Coin.
https://twitter.com/okx/status/1652900822546628609
As Kriptokoin.com, we reported that Pepe Coin rose at the same rate yesterday. The popular meme coin has been maintaining its rally momentum since its launch on April 17.
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