According to blockchain analytics account Lookonchain, an early Shiba Inu (SHIB) investor also made significant gains from Pepe (PEPE).
Early SHIB investor has his eye on PEPE!
Called “SmartMoney,” the investor bought 188.6 billion SHIB for $96.5k. It then sold 95.3 billion SHIB for a staggering $1.18 million. SmartMoney currently has 92.3 billion SHIBs worth approximately $929k. Furthermore, he earned around $2 million from SHIB. In addition to its impressive SHIB earnings, SmartMoney also took a big hit from Pepe, buying 72.83 billion PEPE for 19 ETH (equivalent to $36,415).
The coin is primarily seen as a tool of speculation. This, of course, raises concerns about the legitimacy of the project. The Lookonchain analysis highlights the potential for significant gains in the meme-inspired cryptocurrency market as early traders like SmartMoney capitalize on this trend. However, it also raises questions about market manipulation.
PEPE Coin whale made million dollars in a short time
A PEPE whale has managed to monetize the latest meme-coin craze in the crypto market. Whale has accumulated large volumes of PEPE in exchange for all its cryptocurrency holdings. As you follow on Kriptokoin.com, the meme-coin entered the market on April 18, 2023. But only in the last week has it really been in great demand. In recent days, several crypto exchanges have listed many meme-coins with PEPE rising in huge numbers.
On Thursday, on-chain data showed that the whale traded almost all of its assets for PEPE Coin. Interestingly, transactions made about 15 hours ago resulted in cumulative profits of over $1 million. Lookonchain said, “Whale exchanged $20.62 WBTC worth $590,000, 17 billion CULT worth $90,000, 44,194 UNI worth $235,000, and 19.96 ETH worth $37,000 for 1.72 trillion PEPE, currently worth $2.19 million, “He shared. Also, Lookonchain reported that the whale made a profit of about $1.23 million.
PEPE rockets in the cryptocurrency market!
PEPE, a relatively new meme-coin, has taken the cryptocurrency industry by storm recently. In just one week, its value has increased by an astonishing 638%. It has also made a 90% gain in just the last 24 hours. As a result, the market capitalization of the asset reached approximately $700 million.
PEPE 1-hour chart on OKX | Source: TradingViewThe sharp increase in PEPE’s value is remarkable given that its gains over the past 24 hours have been far more significant than other major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Shiba Inu (SHIB). As a result, there are likely to be more factors triggering the memecoin’s price surge.
Some see the spike in value as a sign of an impending market bubble. However, meme-coins like PEPE were often volatile. In addition, it is possible for prices to see rapid declines along with rapid rises. That’s why it’s important not to forget about fluctuations. As a result, the meteoric rise in value of PEPE has created excitement in the cryptocurrency industry. This is why crypto whales realized the profit potential of meme-coin.
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