Crypto Trader Spent $1.11 Million Ethereum (ETH) to Buy This Meme Coin

The price of PEPE has seen a recent correction after a significant rise from October 19 to 26, 2023. It has declined 14% in the past 7 days. However, big money continues to show confidence in PEPE amid this pullback, purchasing billions of the meme coin worth over $1 million in Ethereum in the past two days.

According to crypto analyst LookOnChain, a whale spent 617 ETH ($1.11 million) over the past two days to acquire 996 billion PEPE tokens. This whale trader has made some major cryptocurrency trades this year, losing big on one but profiting on another.

Whale Trader Lost Big on ARB But Won on MKR

Earlier in 2023, the same whale spent 2,039 ETH (around $3.75 million at the time) to purchase 3.26 million ARB tokens at $1.15 each. They later sold those tokens for 1,583 ETH (about $2.45 million) at $0.75 per token, losing 456 ETH ($1.3 million) in the trade.

The whale then bought 1,884 MKR tokens for 1,348 ETH ($2.19 million) at $1,164 each. They sold those tokens for 1,617 ETH ($2.61 million) at $1,389 per token, netting a profit of 269 ETH ($423,000).

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Big Spend on PEPE Could Signal Whale’s Confidence

Despite some major losses in ARB, the whale trader seems confident in the future of PEPE, spending over $1 million in Ethereum on billions of the meme coin over just two days amid its recent dip. Their big bet on PEPE could signal broader confidence in the token among crypto’s biggest players.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.