Crypto News

Ethereum Memecoin $PEPE Surges As Whales Accumulate Profits

The Ethereum memecoin $PEPE has seen a remarkable surge, hitting an all-time high of $0.00001127 today with a market cap surpassing $4.5 billion. 

This represents a significant gain of over 11% for the day and 32% over the past 7 days, making it the second largest crypto memecoin in the market.

Spotonchain data reveals that whales have been actively involved in the $PEPE market, accumulating profits following the coin’s impressive performance. One early holder, identified as 0x647, deposited 250 billion $PEPE tokens, equivalent to $2.69 million, to Binance recently. Despite the deposit, the whale still holds 42.4 billion $PEPE tokens, with a total profit of $3.96 million, marking an impressive gain of 8,833%.

Similarly, another whale, known as 0xa4f, exchanged 123.7 billion $PEPE tokens for 1.31 million $USDC, realizing a profit of $223,000, representing a gain of 20.5% in just 3 days.

Active Whales Accumulates $PEPE and $FLOKI

Additionally, on-chain data indicates that smart traders are actively accumulating $PEPE and another memecoin, $FLOKI, in the past 24 hours. DWF Labs withdrew 2 billion $FLOKI tokens, valued at $394,000, from Binance, marking their first $FLOKI activity in over a year.

Furthermore, smart trader 0x37d withdrew 407.74 billion $PEPE tokens, worth $4.2 million, from Binance in their third trade. This trader has made a profit of $292,000, representing a gain of 6.95%. Overall, the whale has accumulated a total profit of $3.59 million, marking a remarkable 100% increase from their past $PEPE trades.

The accumulation of profits by whales and the active trading activity surrounding $PEPE underscore the dynamic nature of the crypto market, with investors closely monitoring these developments for potential investment opportunities and market trends.

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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