Recently, a PEPE whale made a series of moves that resulted in over $3 million in profits made after the token's recent price surge. The whale then took a new position and showed potential gains.
Big whale movements bring in big money
As reported by Lookonchain, a blockchain analytics platform, a whale took a big step forward yesterday after depositing nearly 2 trillion PEPE tokens on one of the world's largest crypto exchanges.
This whale's shopping spree began on June 7, 2023, when Pepe Coin was trading at $0.000001054. The address accumulated 1.97 trillion Pepe tokens from June to December last year.
A little over two months after the 6-month buying spree, the whale deposited its entire PEPE holdings, worth approximately $6.07 million, to Binance. According to the blockchain analytics platform, the whale made over $3.49 million in profits in just a few hours.
A smart whale deposited all 1.97T $PEPE($6.07 million) to #Binance and made a profit of $3.49 million.
Then he changed position $PEPE has $SHIBremoving 75.9B $SHIB($893,000) from #Binance 3 hours ago. pic.twitter.com/nL7rRDZCXT
– Lookonchain (@lookonchain) February 29, 2024
The whale changed its position and purchased 75.9 billion SHIB tokens a few hours later. Which suggests that the investor saw potential in the future price action of the Shiba Inu.
Whales tend to exert considerable influence over the market, as any movement in their large holdings could shift market sentiment towards a cryptocurrency.
Typically, when a whale withdraws its holdings from an exchange, investors interpret it as a sign of long-term confidence in that cryptocurrency. On the contrary, when a whale sells large quantities of a token, investors might view this as a lack of confidence in the token.
At the time of writing, Whale's massive acquisition of SHIB was worth approximately $893,000. However, as of this writing, the tokens are worth over $1 million, according to to the value of Etherscan. This shows that the investment in SHIB increased its value by over $100,000 in less than 12 hours.
PEPE and SHIB performance
The new investment of the whale, Shiba Inu, on the 19thth the largest cryptocurrency and the second largest memecoin by market capitalization, has shown incredible performance over the past 24 hours.
Over the past day, SHIB price has climbed 25.5% and is currently trading at $0.00001388. Additionally, the token's market activity increased by 127.50%, with a trading volume of over $2.65 billion in the last 24 hours.
On the other hand, PEPE made headlines yesterday due to its impressive 140% price increase from the previous week. The frog-themed memecoin appears to be in the midst of a price resurgence fueled by market momentum and its popularity on social media.
However, PEPE is trading at $0.000002891 at the time of writing, representing a 12% decline in the last 24 hours. Compared to the token's performance yesterday during the same period, an increase of 59.47% compared to the previous day, PEPE appears to be facing a momentary slowdown.
Likewise, the trading volume and market capitalization of PEPE decreased by 22.47% and 11.96% in the last day. These measures suggest a reduction in recent market activity for the cryptocurrency.
However, its performance over longer periods, particularly the 142% 7-day price rise, suggests that memecoin is still outperforming the global cryptocurrency market, according to CoinGecko.
PEPE is trading at $0.0000028766 in the hourly chart. Source: PEPEUSDT on TradingView.com
Featured image from Unsplash.com, chart from TradingView.com
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