June 5, 2024
Altcoins News

Memecoin Whale Nets Nearly $5 Million Profit in Pepe Token Surge

A memecoin whale has garnered significant attention in the crypto community after making a staggering profit of almost $5 million within a month. Despite a 17% dip from its peak, the savvy investor managed to rake in $4.95 million, marking a remarkable 52% return on investment. The whale swiftly deposited all 660.7 billion Pepe tokens, valued at $9.52 million, into a Binance wallet, as reported by Lookonchain on May 30.

Deposit time of Pepe Whale. Source: Lookonchain

Portfolio Transformation and Decline in Memecoin Trading Volume

Following the massive Pepe transfer, the whale’s wallet, identified as “0x546,” now holds a mere $161,449 worth of crypto assets, with over 96% comprising Compound (COMP) tokens, according to Coinstats.

Whale wallet ‘0x546’. Source: Coinstats

Meanwhile, the memecoin market has witnessed a slight downturn in investor interest. There’s been a 21% decrease in cumulative trading volume over the past 24 hours. Additionally, the trading volume dropped to $10.2 billion from over $13 billion on May 28, according to CoinMarketCap data.

Pepe’s Price Movement and Future Projections

Despite its recent surge to an all-time high on May 27, Pepe’s price has experienced a 4.4% decline. It is trading at $0.00001436 as of 12:30 p.m. ET. Moreover, the token’s current correction suggests a potential 40% price adjustment based on historical fractals from January 2024.

However, some analysts remain optimistic, anticipating a new hype cycle that could propel Pepe’s market capitalization beyond $10 billion.

Pseudonymous crypto analyst Davie Satoshi predicts a bullish wave, stating:

“This might be the pattern we are seeing until a major launch for wave 5 which should take us to $10b and higher!”

Image from Deviant Art

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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