PEPE is down 9% today to trade around $0.0000082 at press time. This cool off comes after a huge rally of major meme coins in late February and earlier this month. However, one whale has managed to capitalize on the frenzy, closing a trade involving the PEPE meme coin and walking away with a staggering $3.36 million profit in just 10 days.
According to SpotOnChain, one of the most popular on-chain analytics platforms, the whale 0xe60 deposited the remaining 500 billion PEPE tokens worth $4.13 million to OKX at $0.000008266 per token. This move marked the conclusion of a highly profitable trade that began earlier this month.
SpotOnChain reported that the whale initially withdrew a total of 1.901 trillion PEPE from OKX at an average price of $0.000005727 on March 3, 5, and 10, 2024, with an estimated cost of $10.9 million. Over the next few days, the whale gradually deposited the tokens back to OKX at an average price of $0.000007496, amounting to $14.25 million.
If the transactions were indeed genuine buy and sell orders, the whale realized an estimated total profit of $3.36 million, representing a remarkable 30.9% return on investment in just 10 days.
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Show more +While such substantial profits may be enticing, it is crucial for investors to exercise caution and conduct thorough research before engaging in any trading activities.
The crypto market remains highly unpredictable, and even whales can experience significant losses, as evidenced by the same whale’s previous trades involving WLD, BIGTIME, and RNDR tokens.
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