170.2 Billion PEPE Dumped by Diamond Hand Whale With Massive Profit

Massive ROI for Crypto Whale Who Sold Hoard of PEPE Meme Coins

Cryptocurrency whale tracker @lookonchain on Twitter revealed the story of a mysterious "diamond hand" whale who recently sold a massive amount of PEPE meme coins.

Diamond Hand Whale Realizes Substantial Returns

This whale had held onto their PEPE coins for nearly a year and sold approximately 170.2 billion tokens on a cryptocurrency exchange, netting a profit of $1.77 million. According to @lookonchain, this represented an impressive 886% return on investment.

The whale initially purchased 107.2 billion PEPE in October 2023 for approximately $200,000 USDC. They held onto the coins until July 25, 2024, when they made the sale.

PEPE Coin Price Dips

Following the sale, the price of PEPE witnessed a sharp decline. Within 24 hours, it lost nearly 12% after a brief surge earlier in the week. As of the time of writing, PEPE trades at $0.00001141, down from $0.00001293.

PEPE's Lack of Utility

Despite its popularity among traders, PEPE remains criticized for its lack of utility. Unlike other meme currencies like Dogecoin or Shiba Inu, PEPE has not seen any significant updates or developments since its launch.

Speculative Investment Vehicle

Consequently, PEPE largely remains a tool for speculative trading. Short-term investors and traders view it as an asset to buy and hold briefly before selling. However, its future value and sustainability remain questionable due to its lack of real-world application.