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- Ethereum whales are investing millions of dollars in Pepe (PEPE), a memecoin that has surged over 5,000% in recent weeks.
- Lookonchain, a blockchain tracker, has reported a whale spending nearly $3 million on PEPE using Wrapped Bitcoin and ETH.
Ethereum Whales Jump on Pepe (PEPE) Memecoin Craze
Ethereum whales are joining the frenzy surrounding Pepe (PEPE), a memecoin that has skyrocketed by over 5,000% in the past few weeks. Lookonchain, a blockchain tracker, has revealed that an Ethereum whale spent almost $3 million on PEPE using Wrapped Bitcoin and ETH. The whale purchased 962.3 billion PEPE for 70 WBTC ($2.07 million) and 470 ETH ($937,000) over the past two days at an average buying price of $0.000003122.
However, the whale has lost around $541,000 at the current price.
Another Ethereum whale is even more aggressive, currently holding $14.4 million worth of PEPE. The whale bought 760.6 billion PEPE for 1,128 ETH ($2.17 million) at a price of $0.000002859 and currently holds 4.56 trillion PEPE ($14.4 million). Lookonchain observed that during the surge in PEPE, several wallets have turned small amounts into substantial fortunes, including one wallet called SmartMoney that tried its luck on many memecoins.
SmartMoney Discovers PEPE
SmartMoney wallet bought four trillion PEPE for 2.1 ETH ($4,410) and made approximately $1.71 million. The wallet also traded a lot of MEME coins. SmartMoney discovered PEPE and spent 2.1 ETH ($4,410) to buy four trillion PEPE six hours after PEPE was listed. After each surge in PEPE’s price, the wallet sold part of its PEPE holdings instead of selling all of them. The wallet sold a total of 3.27 trillion PEPE for $906,000 and currently holds 700 billion PEPE worth $808,000.
Conclusion
Ethereum whales are now heavily investing in PEPE, a memecoin that has experienced an explosive surge in value in recent weeks. It will be interesting to see whether this trend continues or whether the value of PEPE will eventually collapse like many other memecoins in the past.