In just one month, a whale—a sizable memecoin holder—made almost $5 million in profit on the Pepe token. Is there potential for Pepe’s price to increase in response to fresh retail interest?
PEPE whale earns around $5 million in a single month
Even though Pepe’s (PEPE $0.000014) price dropped more than 17% from its peak, a shrewd memecoin whale managed to make $4.95 million in less than a month—a 52% return on their original investment.
The whale has filled a Binance wallet with all of their PEPE holdings., according to a May 30 X post by Lookonchain, that wrote:
“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%.”
The whale’s wallet, “0x546,” which held over $9.5 million in Pepe before it was transferred to Binance, is now only worth $161,449 in cryptocurrency, with Compound (COMP) tokens making up over 96% of the assets, according to Coinstats.
There has been a little decrease in investor interest following a period of meteoric memecoin increases. According to CoinMarketCap data, the total trading volume of memecoins decreased by more than 21% in the last day to $10.2 billion, from above $13 billion on May 28.
Memecoins’ volatile nature allows them to frequently generate millionaires even if they have no inherent value. Another astute trader at the end of May profited $2.7 million in just three days on the MAGA (TRUMP) meme token with a Donald Trump theme.
Can Pepe’s price continue to climb?
According to TradingView, Pepe’s price dropped more than 4.4% in the 24 hours before 1:45 PM UTC, when it was trading at $0.00001437. The token has decreased by more than 17% from its peak.
On May 27, Pepe’s price hit a new all-time high. Pepe fractals, however, suggest that if the price chart replicates the patterns from January 2024, there may be a 40% price correction.
Nevertheless, anonymous cryptocurrency analyst Davie Satoshi stated in a May 30 X post that “Typically, wave 4 tends to be a triangle pattern and corrects about 23-30%…This might be the pattern we are seeing until a major launch for wave 5 which should take us to $10b and higher!” suggesting that Pepe’s current correction may also signal the beginning of a new hype cycle, which could help Pepe’s market capitalization reach over $10 billion.This could be the trend we observe until a significant launch.
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