Master Ventures, a famous startup with a cryptocurrency whale, seems to have capitalized on the excitement for PEPE and other meme coins. According to on-chain data, the company has sold three meme coins in its portfolio. Here are the details…
Sale of PEPE, WOJAK and SPONGE from Master Ventures
Master Ventures, a blockchain-based startup studio and fund, has reportedly sold PEPE, WOJAK, and SPONGE. First, the company sold 352 billion PEPE for a total of $770,000. The company made a profit as it bought its PEPEs at a lower price. Master Ventures made a profit of $470,000 as a result of the PEPE sale. On the other hand, the company sold 423 million WOJAKs with a profit of 34 thousand dollars and 15 million SPONGE with a profit of 10 thousand dollars. In other words, the company made a profit of over 500 thousand dollars in total.
Master Ventures sold all $PEPE, $WOJAK, and $SPONGE 30 mins ago.
– Sold 352B $PEPE for 770K $USDT at $0.000002185, made ~$470K.
– Sold 423M $WOJAK for 194K $USDT at $0.0004597, made ~$34K.
– Sold 15M $SPONGE for 15,663 $USDT at $0.001048, made ~$10K.https://t.co/pUoAATjr29 pic.twitter.com/mAb35dxYJ9
— Lookonchain (@lookonchain) May 8, 2023
The news that Master Ventures is selling its meme token holdings came as the meme coin dropped almost 100 percent from its all-time high. After the drop in the price of PEPE, today, the market cap of the coin also dropped below $1 billion. As a result, PEPE’s market cap lost over $300 million. As we reported as Kriptokoin.com, the market value of $ 1.21 billion decreased to $ 800 million. In the last 24 hours, PEPE has lost more than 17 percent to trade at $0.000001919. In contrast, the four whales who bought 8.7 trillion PEPE tokens right after Binance listed the coin are still holding their positions.
https://twitter.com/lookonchain/status/1655448769205538821
Lookonchain noted that the earnings of these whales have increased more than 100,000 times. In addition, the platform reveals the significant returns whales have achieved so far. Because during its peak bull run, PEPE made several investors millionaires. Blockchain analytics firm Santiment reports that PEPE traders are converting their profits to Ethereum. That’s why active deposits in the network hit an 18-month high on May 5, hitting over 20,000, according to the firm.
Other whales may also be preparing for sale
On May 5, blockchain detective Lookonchain reported that a whale who bought 4.23 trillion PEPE tokens with 422 ETH and 200,000 USDC sent it to Binance. At that time, the whale’s profit was estimated at around $14.5 million. As a result, another whale, Master Ventures, sold all of its assets for $770,000. Thus, he made a profit of approximately $470,000. Whale also sold other meme coins he held, such as WOJAK and SPONGE, at a profit of $44,000. Overall, Master Ventures’ selling of meme token holdings has garnered attention. This indicates that sentiment towards these assets has shifted as market conditions continue to fluctuate.
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