- Crypto whale agency spotted an over $5M PEPE token deposit to Binance.
- PEPE price revisits weekly lows, slipping below $0.0000180 support levels.
- Meme coin connoisseurs see a concerning trend as whales shift to altcoins.
Meme coin whales are back swarming around Pepe Token (PEPE), as the frog-themed crypto dropped out of the TOP 20 by global market cap. Hit with a double-digit downswing on Tuesday, PEPE price is at a weekly low, but still 99% up in monthly terms.
How This PEPE Whale Banked $5 Million
Coming off fresh of a new all-time high 12 days ago, the frog-themed memecoin backtracked 26.7% from this milestone. Accelerated by crypto whales taking profits after the latest PEPE price rally put 100% of investors in the green, the pullback after Pepe’s tremendous 30-day rally sent the meme coin below $0.0000180.
Amidst the volatile market action, seasoned crypto whales started securing profits. To illustrate, popular crypto aficionado “degentradingLSD” offloaded 254.65B PEPE tokens to Binance, netting a $4.81 million profit, according to SpotOnChain’s blockchain intelligence. After the sell-off, the known whale still holds a considerable amount of PEPE, among other meme coins.
Collectively, this ‘smart money’ labelled investor holds $14.23 million in digital assets at the moment, of which over $9 million are in memecoins. Besides, the largest holding is the remaining 430B PEPE tokens (PEPE), currently worth $7.76M. With a total PnL of 36.444%, this crypto whale still has over $8 million in unrealized profits due to Dogecoin’s massive breakout this month.
Indeed, the 3.955 million Dogecoin (DOGE) in the crypto whale’s account is now worth $1.50 million, as the top dog crypto whipped up 360% gains in the span of the past three months. However, the #7 seated top dog coin also succumbed to a double-digit drawdown on Tuesday, expediting DOGE price back below $0.40 despite a humongous daily trading volume of $11.9B.
On the Flipside
- The overall meme coin section lost over 10% of its value over the past 24 hours, totaling a $118.55 billion market cap as of press time.
- This can be explained by the shifting whale sentiment, as the last few days saw a tendency of funds flowing from memecoins to altcoins.
Why This Matters
Navigating through the crypto seas with a solid understanding of market timing gives traders an edge over uneducated, social hype-based crypto plays.
Discover DailyCoin’s popular crypto news:
KuCoin Taps FLOKI, WIF & MOODENG for In-Shop Card Payments
From Quant to Just a Chill Guy: How Crypto Degeneracy Hinders Adoption
