- Following PEPE’s new all-time high, which suggests possible short-term corrections, whales are taking profits.
- The price of PEPE rises 23.80% in a single day, bringing its market capitalization over $4.3 billion.
Whale activity has been rather noticeable in the PEPE market. Spot On Chain tweeted recently that whales have begun to benefit after the PEPE price hit a new all-time high (ATH) in the last 24 hours.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?
1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
— Spot On Chain (@spotonchain) May 14, 2024
Cash Out by Early Holder
Not too long ago, a whale going by the wallet address 0x647 made a startling $250 billion PEPE (around $2.69 million) deposit to Binance. Currently holding 42.4 billion PEPE, or around $424,000, this whale has made $3.96 million in profit, or an astounding 8,833% return on investment.
An other noteworthy transaction concerned the whale with the wallet address 0xa4f, who, around 13 hours ago, sold 123.7 billion PEPE for 1.31 million USDC. After just three days, this purchase yielded a profit of $223,000, or 20.5%.
ATH in PEPE Price
CoinMarketCap data shows that PEPE is currently valued at about $0.0000103. This represents a bullish tendency to make a new ATH during the previous seven days, with a rise of 25.81% and a 23.80% increase in the last 24 hours. The price rise has increased PEPE’s market cap to more than $4.3 billion.
The whale activity of late is not unusual. Before, as previously reported by ETHNews, a well-known crypto whale going by the wallet address 0xa14 withdrawn 350.2 billion PEPE—which was worth $2.92 million at the time— from the Binance exchange.
These swings highlight the substantial interest and calculated profit-taking of the big PEPE market participants.
Popularity of PEPE in the Blockchain Industry
On the other hand, inside the Ethereum network in particular, PEPE Coin has attracted a lot of interest. As noted in earlier ETHNews reports, PEPE’s higher transaction volumes than those of its rivals have made it a popular memecoin.
Its high transaction volume and popularity have aided in the market cap increase and quick price appreciation.
Whale profit-taking lately would point to a possible short-term PEPE price fall. Overall, though, the bullish trend points to ongoing interest in and investment in this memecoin.