Smart trader made $15.62 million in PEPE and MOG, Here’s How

Smart Trader Profits $15.62 Million from PEPE and MOG

The cryptocurrency market has experienced a bearish downturn in the past 24 hours, with Bitcoin (BTC) and Ethereum (ETH) plummeting 6% and 7%, respectively. This has led to significant selling pressure, prompting whales and investors to secure profits.

A notable trader has made a substantial $15.62 million in profits from Mog (MOG) and Pepe (PEPE), as reported by blockchain analytics firm Lookonchain.

PEPE Profit

The trader purchased 515.42 billion PEPE tokens for $861,000 from KuCoin in 2023. Recently, they sold 95 billion PEPE tokens, netting a $1.08 million profit. Their remaining PEPE holdings are valued at $4.18 million, bringing their total profit from PEPE to $4.4 million.

MOG Profit

In addition to PEPE, the trader also bought 7.1 trillion MOG tokens for $262,500 in 2023. They sold 786 billion MOG tokens between May and August 2024 for $1.29 million, making an impressive $11.22 million profit.

Despite the sales, the trader still holds 420.42 billion PEPE tokens and 6.3 trillion MOG tokens in a new wallet.

PEPE Price Performance

Amidst the selling, PEPE's price has declined by over 13% in the last 24 hours. However, its trading volume has increased by 70%, indicating increased participation.

Technical Analysis

PEPE is currently near a major support level of $0.000010. If it falls below this level, it could experience a 10% price drop. Historically, since February 2024, PEPE has consistently traded above its 200 Exponential Moving Average (EMA). However, it is currently close to this EMA, indicating a potential reversal or consolidation in the coming days.