The Ethereum deflationary memecoin, $PEPE, has experienced a remarkable surge of over 145% in its price over the past seven days, capturing the attention of investors and enthusiasts alike.
In a recent development, a smart whale identified as 0x37d has made significant moves in the $PEPE market. The whale recently deposited a staggering 1.97 trillion $PEPE tokens, valued at $6.06 million, to Binance just a few hours ago.
This strategic move potentially positions the whale to capitalize on substantial gains, with an estimated profit of $3.47 million, representing a remarkable 135% increase if the tokens are indeed sold at current prices.
After $PEPE reached new ATH, smart whale 0x37d deposited all 1.97T $PEPE ($6.06M) to #Binance ~7hrs ago, making $3.47M (+135%) if truly selling.
Moreover, the whale withdrew 75.91B $SHIB ($893K) from #Binance for the first time ~1hr ago. Bullish for a $SHIB pump soon? 🤔
Follow… pic.twitter.com/dEX9SgQXrR
— Spot On Chain (@spotonchain) February 29, 2024
The smart trader behind these transactions has been actively involved in the $PEPE market dynamics. Notably, the trader deposited 470 billion $PEPE tokens to Binance at a price of $0.000003007.
The cumulative deposits amounted to 1.97 trillion $PEPE tokens over the past few hours, with an average acquisition price of $0.000003073, translating to a substantial investment of $6.06 million.
Pepe Whale Address Reveals Further Movements And Holdings
Analysis of the whale’s portfolio reveals insights into past and current profit and loss scenarios.
While the whale once realized an estimated profit of $614,000, representing a 21.9% increase from ETH holdings, current holdings in SAND and MANA indicate losses of $116,000 and $20,100, respectively, totaling $136,100.
Despite the recent surge in $PEPE price, reaching a new all-time high of $0.000003524 nine hours ago, the market experienced a slight downturn of 3.38% in the past hour.
This decline may be attributed to the impact of the whale’s selling activity, reflecting the significant influence of large investors on market dynamics.
As $PEPE continues to capture attention within the crypto community, the actions of whales and traders play a pivotal role in shaping its market trajectory, driving speculation and interest among investors.
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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