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As the cryptocurrency market continues its rise led by Bitcoin (BTC), many altcoins are experiencing notable surges. Ethereum (ETH), the king of altcoins, has seen its price increase by over 4.5% in the last 24 hours, surpassing the $2,250 threshold, while there is significant activity particularly among memecoins. Pepe (PEPE), which holds a strong position in the memecoin market, has also seen a considerable increase in price. Chain data indicates that two major cryptocurrency whales engaged in spot trading just before the recent price increase of PEPE.
One Earns $240,000, the Other $232,000
The on-chain data provider Spot On Chain recently reported detecting two significant transactions in PEPE data. A wallet address starting with 0x37d… purchased 495.5 billion PEPE from Binance at an average price of $0.0000001221, just before the recent price surge of the altcoin. This cryptocurrency whale now holds 1.97 trillion PEPE valued at $2.82 million, with an estimated unrealized profit of around $240,000.
For those unaware, unrealized profit refers to the increase in value of a coin or token over time, suggesting that the investor has not sold the coin or token to benefit from this value increase. Hence, the profit increase remains only on paper and is not considered realized until the investor cashes in.
The second significant PEPE transaction reported by Spot On Chain was the sale of 990.8 billion PEPE, valued at $1.406 million at an average price of $0.0000001419. It is assessed that the whale transferred and sold the 794.43 billion PEPE, which was worth $1.12 million, to the Gate.io exchange, making an approximate profit of $232,000.
Current PEPE Price Status
PEPE has risen over 20% in the last 24 hours, reaching as high as $0.000001478, but has seen a slight pullback to $0.000001289 at the time this article was prepared. The pullback erased about 11% of the altcoin’s gains within the day.
Meanwhile, PEPE’s trading volume has exploded. The altcoin’s transaction volume in the last 24-hour period has increased by over 194%, reaching the level of $328.92 million.
