- Amid the growth of PEPE to date, a whale just raked in more than $5 million in profit.
- More growth is projected for the Memecoin in the coming month.
Whale investors of the Pepecoin (PEPE) memecoin are smiling to the bank as they amassed almost $5 million in profits within a month. This huge profit comes as a shock because it happened when PEPE’s price experienced a decline of nearly 20% from its all-time high.
How the Whale Invested in PEPE
On Thursday, the on-chain analytical platform Lookonchain disclosed that the whale had deposited all their PEPE holdings bought a month ago into Binance wallet. According to the details, the 660.7 billion PEPE valued at $9.52 million bought by the whale generated almost $5 million, with an ROI of 52%.
The price of $PEPE has fallen nearly 20% from its peak.
In the past 10 minutes, a whale deposited all 660.7B $PEPE($9.52M) bought a month ago into #Binance, making ~$4.95M, with an ROI of 52%.https://t.co/XTaeBlTNMLhttps://t.co/57yCOHJvpe pic.twitter.com/F6IV3qhrlq
— Lookonchain (@lookonchain) May 30, 2024
Data from Coinstats shows that the whale’s wallet, “0x546,” which had over $9.5 million PEPE before the Binance transfer is now worth $160,782 in crypto. Notably, the Compound (COMP) token accounted for 96.6% of these holdings, Ethereum (ETH) made up 3.3%, while Pepega (PEPEGA) and others shared the remaining percentage.
Memecoins can often create millionaires due to their volatile nature, despite having no intrinsic utility. For instance, an investor made $5.6 million on the Ethereum-based meme coin MAGA (TRUMP). As formerly reported by Crypto News Flash, the investor purchased $6,500 worth of TRUMP late last year in 2023. At the time of the report, this investment was valued at $5.6 million.
Moreover, Barry, a former bartender, also became an overnight millionaire from early investments in Dogecoin (DOGE). Per Crypto News Flash’s earlier announcement, Barry swore that his memecoin investments are his best crypto move.
However, interest from investors has seen a small decline following a period of explosive memecoin gains. According to current data from MarketCap, the cumulative memecoin trading volume decreased by 22.6% to $8.1 billion in the last 24 hours. Despite this decrease, the market capitalization increased by 2.4% to over $63 billion, within the same timeframe.
Pepecoin’s Price Recovers
In a similar move, the price of PEPE is currently on a bullish movement, fighting to reclaim its all-time high. PEPE’s price increased by 8.5% to trade at $0.00001457, within the past 24 hours. Also, the market cap increased by 8.4% to $6 billion, while trading volume decreased by 13.4% to $1.8 billion.
The decrease in trading volume suggests declining momentum and potential bearish reversal. However, this price correction could also hint at the formation of a new hype cycle. Meanwhile, there has been very little increase in the PEPE supply on exchanges between May 20 and May 27. This stability eliminates further selling pressure, which could mean that prices may increase.
Reiterating Crypto News Flash’s earlier reports, insiders predict an increase of about 30% for PEPE by June 2, 2024, potentially reaching a price level of $0.00002109. Replication similar massive surge cannot be ruled out, however, it will take more capital and a longer HODLing time.
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