Crypto Red Alert: Will PEPE Whale Sell 1.5 Trillion Token Holdings?

The crypto market is booming following Donald Trump’s win, and memecoins are gaining a lot of attention. One of the biggest winners is PEPE, which has seen its price double, jumping nearly 95% to over $0.00002275 in just one day. At the same time, a major whale has moved 500 billion PEPE tokens—worth $11.38 million—to Coinbase, suggesting a strategic decision to lock in profits.

Read on for more on this.

Whale’s Investment Strategy Pays Off Big in $PEPE

According to Lookonchain, a leading blockchain analytics platform, the whale started buying PEPE tokens from May 6 to September 10, 2023. They spent 1,173 ETH (around $2.04 million at the time) to accumulate a massive 2 trillion PEPE tokens. Over the past few months, PEPE’s price surge gave the whale the chance to make huge gains.

By transferring 500 billion PEPE tokens to Coinbase, the whale is now cashing in on the token’s current value, turning their original $2.04 million investment into a far bigger return. Even after moving half of their holdings, the whale still has 1.5 trillion PEPE tokens left, valued at around $36 million.

Lookonchain’s analysis suggests that the whale’s total profit from this investment has now exceeded $45 million.

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PEPE Price Analysis

This massive return highlights the profit potential in the meme coin market, despite the risks involved. PEPE’s market cap has surged to $9.92 billion, up 120% in just the past week. Trading volume has exploded as well, with $20.3 billion in transactions over the past 24 hours, a 215% increase.

The rally began after Coinbase announced on November 13 that it would support Pepe on the Ethereum network as an ERC-20 token. The exchange has warned users to send PEPE only through Ethereum to avoid losing funds.

While some experts have noticed a familiar breakout pattern, similar to the one seen before Pepe’s all-time high and they predict that PEPE could hit $0.00009 by the end of 2024.

PEPE is proving that meme coins can pack a punch in more ways than one.