Recently, a giant whale sold billions of tokens after the altcoin price soared. According to Lookonchain, this particular whale is known for selling PEPE whenever the crypto experiences a price spike. Meanwhile, the altcoin price continued to skyrocket despite the whale selling a large amount of tokens.
The giant whale has sold billions of PEPEs, but the altcoin price is skyrocketing!
On-chain analytics platform Lookonchain shared a post about a particular Pepe (PEPE) whale and its habits in certain market conditions. According to the post, this whale has historically sold PEPE every time the altcoin price went up. Yesterday, this whale sold around 100 billion PEPE for 21 Ethereum (ETH) worth around $40,000. He sold his PEPE when the altcoin was worth around $0.0000004007.
Lookonchain reports that the same whale spent 0.125 ETH to purchase 5.9 trillion PEPE four days ago. At the time of the purchase, the price of the meme coin was $0.0000001933. This means that the whale will make a profit of $ 1.14 million from the sale. This whale has sold about 800 billion PEPEs so far. This corresponds to 14% of all PEPEs. It acquired 117 ETH worth $221.5k with an average selling price of $0.0000002744.
PEPE daily price chart / Source: CoinMarketCapDespite the whale selling most of its holdings, PEPE continued to fly. CoinMarketCap shows that the meme coin is currently trading at $0.0000008024 after a 96% price increase. This allowed PEPE to strengthen against both Bitcoin (BTC) and Ethereum (ETH) in the past day. Also, the crypto’s 24-hour trading volume has increased by more than 275% since yesterday.
PEPE price reaches ATH
As you follow on Kriptokoin.com, meme-coins have been making waves lately in the crypto world. Two of the most popular are the PEPE and SHIB tokens. In the past 24 hours, the PEPE token price has increased by over 100% to reach an all-time high of $0.000000813847. Also, the market cap was $303,558,543 and the 24-hour trading volume was $150,373,387.
PEPE 1-hour chart on MEXC / Source: TradingViewAccording to Nansen, he had more than 54,000 PEPE holders in just two weeks.
https://twitter.com/nansen_ai/status/1652635590452723712
While this news is impressive, it’s important to remember that there are already 1.3 million SHIB holders. There are also more than 3,350 wallets holding both meme-coins. To better understand the market, it is necessary to look at the biggest holders of these two tokens.
Wintermute 0x2800 received 46.5 billion PEPE on 4/20. It is currently the largest holder with a current balance of 81.6 billion PEPE. The realized PnL (DEX transactions) of this holder ranges from $-87,000 (on 4/21) to $170,000 (today). Wintermute’s last transaction was to trade 5,200,712,114 PEPE for 1.67 WETH.
A whale bought 1.23T $PEPE with 250 $ETH ($476K), the average buying price is $0.000000366.
This whale also traded $SHB before but lost about 25 $ETH ($79K at that time).https://t.co/IFBqFRNqm1 pic.twitter.com/ibV5CaFqol
— Lookonchain (@lookonchain) April 30, 2023
Meanwhile, a whale recently bought 1.23 trillion PEPE with 250 ETH ($476,000) at an average purchase price of $0.000000366. The same whale also traded on SHIB in the past, but lost around 25 ETH ($79k at the time).
The rise of meme-coins is attracting the attention of many traders and investors in the cryptocurrency market. It is not yet clear how long the trend will continue. However, it is clear that PEPE and SHIB have already gained significant following. The growing number of holders and the rising price of these tokens are proof of their popularity. However, as with all cryptocurrency investments, it’s important to be careful and do your own research before investing.
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