PEPE rises 24% despite profit taking by whales
- Early holder of PEPE deposited 250 billion tokens to centralized exchange Binance late Monday.
- PEPE hit a new all-time high on Monday at $0.00001119 on Binance, in the spillover of GameStop trader Roaring Kitty’s return on X.
- PEPE price climbed 24% in the past 24 hours despite profit taking by whales.
PEPE, a frog-themed memecoin with a market capitalization of over $4.4 billion, has noted a significant increase in its price in the past 24 hours. The gains are likely catalyzed the meme coin sector-wide rally inspired by GameStop trader Roaring Kitty’s return on X.
Meme coins ranked the top 30 by market capitalization and Solana-based meme coins with the name of “ROAR” and “GME,” not affiliated with the firm or the trader, noted massive gains.
PEPE records new all-time high, rallies despite profit taking
PEPE hit a new all-time high fifteen hours ago at $0.00001119 on Binance. In the past 24 hours, the frog meme inspired token added 24% to its value.
PEPE rallied alongside Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Popcat (POPCAT), Floki (FLOKI), Bonk (BONK), Roaring Kitty (ROAR) and GameStop (GME), among other meme coins.
On Monday, the legendary trader behind the 2021 rally in GameStop, Roaring Kitty, posted an image on X. It was interpreted by traders as a return of the trader and ignited a rally in meme coins.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
PEPE’s gains have sustained despite profit-taking by large wallet investors. Data from SpotOnChain shows that whales and early holders of the meme coin started taking profits as the meme coin hit its new all-time high. Early holder 0x647 deposited 250 billion PEPE worth $2.69 million to the centralized exchange Binance.
The whale continues to hold another 42.4 billion PEPE with an unrealized profit of $3.96 million.
Another whale 0xa4f realized 20.5% profit on PEPE holdings within three days of holding the meme coin, 123.7 billion PEPE sold at 1.31 million USDC.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?
— Spot On Chain (@spotonchain) May 14, 2024
1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
- The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).
2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
Typically, profit taking by whales increases the selling pressure on an asset and negatively impacts the price. PEPE price has resisted a decline and continues to climb higher on Tuesday. At the time of writing, the meme coin trades close to the all-time high around 0.00001100.
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.
