Whale Move 500 Bln PEPE Tokens, Still Holds 1.5 Trillion Tokens, Is More Selloff Coming?

Memecoin PEPE Surges, Whale Profiteers

Amidst the crypto market's recent surge, memecoins have garnered substantial attention. PEPE, one such memecoin, has surged by 95% in a single day, reaching $0.00002275. Concurrently, an influential whale seized the opportunity, transferring $11.38 million worth of PEPE tokens (500 billion) to Coinbase, indicating a significant profit-taking move.

Whale's Investment Strategy Yields Lucrative Returns

Blockchain analysis platform Lookonchain revealed that the whale accumulated 2 trillion PEPE tokens between May 6th and September 10th, 2023, investing approximately $2.04 million. PEPE's subsequent surge has provided the whale with substantial gains.

The recent transfer of PEPE tokens to Coinbase appears to be a strategic move to secure profits. By selling a large portion of their holdings on the exchange, the whale has cashed in on PEPE's current value, potentially turning their $2.04 million investment into a much more substantial return.

Whale's Current PEPE Holdings

Despite the transfer, the whale still retains 1.5 trillion PEPE tokens, valued at approximately $36 million. Lookonchain estimates that the whale's total profit from this investment now exceeds $45 million. This remarkable return demonstrates the potential profitability of the meme coin market, albeit with inherent risk.

PEPE Price Analysis

PEPE's market capitalization has skyrocketed to $9.92 billion, representing a 120% increase over the past week. Trading volume has also exploded, reaching $20.3 billion in the last 24 hours, marking a 215% surge.

The rally commenced after Coinbase announced support for PEPE on the Ethereum network as an ERC-20 token on November 13th. The exchange has cautioned users to transfer PEPE only via Ethereum to prevent potential fund loss.

Some analysts observe a familiar breakout pattern, similar to that preceding PEPE's all-time high. They predict that PEPE may approach $0.00009 by the end of 2024.