Meme coin PEPE resists decline despite mass profit taking by whale
- A whale took profits on PEPE, selling 1.41 trillion tokens within one month of buying the meme coin.
- PEPE whales realized over $61 million in profits this week.
- 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.
PEPE price has resisted decline despite the rising selling pressure on the asset.
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.
Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!
— Lookonchain (@lookonchain) May 15, 2024
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
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.
 [17.52.48, 15 May, 2024]-638513754012534106.png)
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.
The meme token’s market capitalization has crossed $4.6 billion and it ranks in the top 30 cryptocurrencies by market cap, per CoinGecko.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
