In the world of memecoins, there’s been a notable uptick in activity over the past week, with Ethereum-based memecoin $PEPE leading the charge with a 24% gain.
However, amidst this surge in popularity, significant whale activity and smart money maneuvers have caught the attention of market participants.
According to on-chain reports, Whale 0x1a2 made a sizable withdrawal of 915.85 billion $PEPE tokens, valued at $7.75 million, from Binance over the weekend.
This withdrawal marks the latest move in a series of transactions, totaling 1.238 trillion $PEPE, with an average price of $0.000008424, amounting to $10.4 million in total. Notably, these transactions represent the whale’s first foray into the $PEPE market.
A multisign wallet 0x323 withdrew 915.85B $PEPE ($7.75M) from #Binance at $0.000008466 ~ 10 mins ago.
In the past 28 hours, the wallet has withdrawn 1.238T $PEPE ($10.4M) from the CEX for the first $PEPE trade.
Set the alerts for the wallet via our @spotonchain platform at… pic.twitter.com/tcmCKxqMdn
— Spot On Chain (@spotonchain) May 5, 2024
Prior to diving into $PEPE, the whale engaged in trades with other tokens, earning a profit of $146k (+14.2%) from one INJ trade while incurring a loss of $118k (-8.01%) from one RNDR trade. However, it appears the whale did not hold onto these tokens for an extended period.
More $PEPE Whales Buys More Tokens With 1.26 Million USDC
In addition to whale activity, a $PEPE smart money investor recently spent 1.26 million USDC to acquire 142.96 billion $PEPE tokens at a price of $0.000008831. Impressively, this investor has traded $PEPE seven times over the past six months, boasting a profitable track record with a win rate of 85.7% and a total profit of $915k.
A $PEPE smart money spent 1.26M $USDC to buy 142.96B $PEPE at $0.000008831 2 hours ago.
The smart money has traded $PEPE 7 times in the past 6 months, 6 of which were profitable, with a win rate of 85.7%, and the total profit is $915K.https://t.co/92nzYbyfsY pic.twitter.com/Lsqf56W6hB
— Lookonchain (@lookonchain) May 6, 2024
As memecoins continue to capture the attention of traders and investors, whale maneuvers and smart money strategies play a crucial role in shaping market dynamics. With $PEPE’s recent gains and notable activity, the memecoin landscape remains a focal point for those seeking opportunities in the ever-evolving cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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