One analytics platform reported that it earned $3.84 million by exchanging SHIBs of the address “SmartMoney,” a reference to “smart money,” for PEPE. SmartMoney’s strategy was to transfer SHIB assets to Gate.io and KuCoin. Meanwhile, Lookonchain suggested tracking SmartMoney’s wallet address for potential meme coin investments. Here are the details…
SHIB sold, PEPE bought
SmartMoney reportedly earned about $3.84 million from its investment in SHIB. According to Lookonchain, as part of their investment strategy, they exchanged some of their SHIB holdings for PEPE. They purchased 325 billion units of PEPE for $700,000. The amount of SHIB used in the transaction was 6 billion and was valued at $67,000. The data analytics platform described it as a “wise decision”. Lookonchain also shared that in April 2021, SmartMoney purchased 133 billion SHIB units for a total of $224,000. However, on May 7 and 9, they transferred these units to Gate.io.
2/ This SmartMoney bought 133B $SHIB in April 2021 at a cost of $224K, then transferred to https://t.co/Q1M8T0O4yl on May 7th and 9th.
If he sold 133B $SHIB at the price of transfer would get $1.13M.
The profit is ~$903K. pic.twitter.com/aIcssaL15c
— Lookonchain (@lookonchain) May 5, 2023
The platform stated that if SmartMoney could sell all of its 133 billion units at the current transfer price, it would receive $1.13 million, making a profit of approximately $903,000. Meanwhile, on July 7, 2021, SmartMoney purchased 49 billion SHIB from Gate.io for a total of $417,000. They then transferred these units to both Gate.io and KuCoin on October 28. Lookonchain said they would get $3.36 million if they sold all 49 billion units at the current transfer price, resulting in a profit of about $2.94 million.
Additionally, “SmartMoney” purchased 49 billion SHIB units from both Gate.io and KuCoin on November 11, 2022 for a total of $475,000. They held these SHIB units until PEPE was listed. They bought not only PEPE but also other meme coins like BABYPEPE and PEPET. This decision was profitable as they were able to find the next big thing after SHIB and thus make a successful investment. Even LookOnChain said, “if you want to get the next SHIB, PEPE, make sure you follow the address.”
The latest developments in the PEPE ecosystem
As we reported on Kriptokoin.com, memecoin PEPE experienced a huge price increase last week. Thus, it is among the latest investments that have created a huge frenzy among crypto investors. In the last 24 hours, PEPE is trading at $0.000003097, up 50 percent. Besides, its market cap reached $1.2 billion. According to data from CoinMarketCap, the spot trading volume of PEPE Coin has jumped in the last 24 hours. The value surpassed those behind the biggest coins like Bitcoin and Ethereum.
If we look at the exchange breakdown, OKX contributed the largest trading volume of $650 million. Futures volume is largely concentrated on Binance. On the other hand, the 24-hour trading volume was $1.4 billion, ranking second after BTC and ETH. Also, Binance plans to list PEPE Coin in the innovation zone and start spot trading from May 5. This signals massive liquidity flow to PEPE. Therefore, it could lead to further price increases for the crypto asset.
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