- A whale took profits on PEPE, selling 1.41 trillion tokens within one month of buying the meme coin.Â
- PEPE whales realized over $61 million in profits this week.Â
- PEPE price advanced on Wednesday despite whales selling.
PEPE, an internet frog-meme inspired token, has seen a spike in profit-taking activity by traders. PEPE holders have consistently realized gains in the meme coin since April 30, as seen on on-chain activity tracker Santiment.Â
PEPE price has resisted decline despite the rising selling pressure on the asset. Â
PEPE resists decline despite mounting selling pressure
Data from crypto intelligence tracker Lookonchain shows that a whale spent $3,000 to buy 4.9 trillion PEPE tokens (worth $56 million now) on April 15, 2023. The whale realized profits on 1.41 trillion PEPE tokens and has another 3.5 trillion tokens left in their wallet. The large wallet investor realized $7.4 million in profits.Â
Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!
This super big winner sold 255B $PEPE($2.3M) for profits again after the price of $PEPE increased.
He spent only $3K to buy 4.9T $PEPE($56M currently) on Apr 15, 2023, and sold 1.41T $PEPE for $7.4M, with 3.5T… pic.twitter.com/VKGxmK9gCt
— Lookonchain (@lookonchain) May 15, 2024
The whale is not alone in realizing gains. Data from the Network Realized Profit/Loss metric on Santiment shows that over $61 million in gains were realized by PEPE holders this week. The metric is used to determine the net profit/loss of all tokens sold on a given day.
As PEPE price rallies, holders have continued to shed their tokens and take profits.Â
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Network realized profit/loss
PEPE price is $0.00001070 at the time of writing. The meme coin hit its 2024 high of $0.00001161 earlier today, up nearly 87% since the beginning of 2024.Â
The meme token’s market capitalization has crossed $4.6 billion and it ranks in the top 30 cryptocurrencies by market cap, per CoinGecko.
