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.