During the early hours of Monday, May 6, an anonymous crypto whale bought a significant amount of Pepecoin, causing the coin’s price to surge.
According to Lookonchain, the crypto whale transferred $1.26 million worth of USDC to purchase over 142.96 billion PEPE at $0.000008831.
Furthermore, the on-chain data analytics platform added that the sender address had bought and sold the memecoin seven times in the past six months, six of which were profitable and had an 85.7% win rate, with an overall profit of more than $915,000.
Meanwhile, PEPE has been on a steady bullish momentum in recent times; it recorded a notable price spike of 20% in the past week. Also, since the beginning of the month, the coin has also surged notably in its price, from a low of $0.000006094 on May 1 to a high of $0.0000090 today. Currently, the renowned memecoin is trading at around $0.0000088, according to CoinMarketCap data.
This development spurred various reactions from the crypto community, with many believing that it could indicate a looming bullish direction for the memecoin. One such commentator is a pseudonymous crypto researcher and marketer, Shawn Moon. Moon claimed that this anonymous whale trader knew some things and declared his decision to purchase more of the coins.
Another analyst, Leeberty, stated that the crypto whale could have held the assets in their wallet from the time they were undervalued and had not yet grown in price. He added that if the trader had held them from the beginning, they would have made over $3 million in profits.
The Ethereum-based memecoin made a notable entrant into the crypto space in April 2023, outperforming its contemporaries and ranking as the best-performing asset during May 2023. Two weeks after its launch, $PEPE recorded a notable growth of 525%, surpassing Dogecoin and Shiba Inu and recording new all-time-high prices.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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