Pepe Coin (PEPE) has shown incredible performance alongside the rest of the crypto market. This weekend, the two largest cryptocurrencies, Bitcoin and Ether, showed remarkable price growth.
BTC continues to hit new all-time highs (ATH) and ETH has surpassed the $4,000 mark for the first time in two years. Likewise, PEPE joined the party after hitting a new ATH over the weekend, prompting whales to cash in on their bags.
Whale makes big profits after price surge
After its launch in April last year, the frog-themed coin shook up the crypto space and memecoin market, becoming one of the most recognizable memecoins in the industry.
Despite the big start, the price of PEPE began to decline as the market turned to competitors like BONK and other Solana-based memecoins. However, the uptrend has propelled market prices to highs not seen since 2022, and PEPE has benefited from the bullish momentum.
As reported by blockchain analytics platform Lookonchain, one whale made over 431% in profits in just two weeks. The address shows that the trader withdrew over 1 trillion PEPE tokens from Binance in three transactions before the price skyrocketed.
In just 2 weeks, this trader earned $8.13 million (+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7 million) to #Binance for profits 4 hours ago, with 1T $PEPE($8.31 million) remaining.
He withdrew 1.19T $PEPE(cost ~$1.88M) from #Binance before the price of $PEPE increase.… pic.twitter.com/FWZgIWcCYP
– Lookonchain (@lookonchain) March 10, 2024
The first transaction of 713.12 billion PEPE was made 15 days ago when it was trading at around $0.00000138. The second withdrawal, approximately 316.36 billion tokens, was made a day later when the token price was at $0.00000180. Finally, the trader withdrew 116.7 billion tokens once again as the price hovered around $0.00000269.
Lookonchain said these withdrawals represented 1.19 trillion PEPE tokens, which cost approximately $1.88 million. Yesterday, the whale deposited 196.18 billion tokens to Binance for a profit of $1.7 million.
There are still 1 trillion PEPEs left, worth about $8.13 million at the time of writing. At the time of writing, these holdings had grown by over $1 million and were worth $9.13 million.
As reported by NewsBTC, whales have been profiting from their PEPE holdings since memecoin began its resurgence in late February.
Massive 800% increase in PEPE
Despite the volatile crypto market and whales selling large quantities of PEPE, its community seems to feel confident in the frog-themed room and considers it THE memecoin of this bull run.
$PEPE will surprise everyone like $DOGE did it in 2021.
After the first Dogecoin pump in 2021, some people regretted not buying.
Don't make the same mistake in 2024 with $PEPE. This is THE meme piece of this bullrun. pic.twitter.com/lUq213XwFQ-Tryrex (@Tryrexcrypto) March 9, 2024
Since interest in the memecoin increased, the Pepe coin followed and showed massive growth. Over the past 14 days, the token has seen a staggering 549% in price. Even more impressive, the price has increased by 799.5% over the past month.
The token climbed to the top of the memecoin leaderboard after flipping tokens like BONK and CorgiAI. PEPE is now the third largest memecoin with a market capitalization of $3.85 billion, an increase of 8.41% in the last 24 hours.
Likewise, its daily trading volume increased by 16.85% to $1.49 billion, suggesting that market activity and interest in the memecoin increased over the past day.
At the time of writing, PEPE is trading at $0.000009135. This represents an increase of 8.5% in 24 hours and a decrease of 5.95% from its ATH of $0.000009793 recorded two days ago.
PEPE price performance in the 5-day chart. Source: PEPEUSDT on Tradingview.com
Featured image from X.com, chart from Tradingview.com
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