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A crypto investor is making waves with significant trades involving the meme token PEPE. The blockchain monitoring firm Lookonchain reported that an anonymous investor transferred 427 billion PEPE tokens to the Kraken exchange, valued at approximately $8.5 million at the time of the transfer.
Massive Transfer and Potential Sale
By transferring PEPE tokens to a major exchange like Kraken, the investor increased the likelihood of selling these tokens on the open market. This move could have a substantial impact on the market.
Past Transactions and Profits
According to Lookonchain’s data, the same investor made millions in profits by selling PEPE holdings last December. This sale occurred during the initial phases of a market correction, resulting in a total profit of $11.7 million.
Current Status and PEPE’s Market
Currently, the investor holds one trillion PEPE tokens worth approximately $18.4 million. This indicates that the investor has made around $2 million in profit. The PEPE token is currently trading at $0.000018, ranking 29th with a market cap of $7.5 billion.
“This smart whale sold all of their PEPE during the market downturn on December 19, earning a total profit of $11.7 million! In the six days following the market drop, the whale accumulated another 1.42 trillion PEPE (worth $24.5 million),” – Lookonchain.
After accumulating over a trillion PEPE tokens between March and September 2024, the investor surpassed this amount again in December. These actions were taken after the meme coin stabilized in price.
The recent performance of the PEPE token has seen a 4.2% decline, currently valued at $0.000018. In terms of market capitalization, PEPE ranks 29th among crypto projects.
The strategic moves by the investor draw attention in the meme token market, sparking speculation about PEPE’s future performance. The actions of large investors can lead to significant fluctuations in the crypto markets.
Ultimately, the substantial transfers and profits realized from the PEPE token highlight the volatility of the crypto market and the potential of meme coins. Investor movements continue to influence market dynamics, attracting the attention of other traders.
