- 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, as the frog-themed crypto dropped out of the TOP 20 by global market cap. Hit with a double-digit downswing on Tuesday, the PEPE price is at a weekly low but still 99% up in monthly terms.
How This PEPE Whale Banked $5 Million
Coming off fresh at a new all-time high 12 days ago, the 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 Pepeโs tremendous 30-day rally sent the meme coin below $0.0000180.
Sponsored
Amidst the volatile market action, seasoned crypto whales started securing profits. Popular crypto aficionado โdegentradingLSDโ offloaded 254.65B PEPE tokens to Binance, netting a $4.81 million profit, according to SpotOnChainโs blockchain intelligence. After the sell-off, the known whale still holds considerable PEPE, among other meme coins.
The investor currently holds $14.23 million in digital assets, of which over $9 million are in memecoins. Besides, the largest holding is the remaining 430B PEPE tokens, currently worth $7.76M. With a total PnL of 36.444%, this crypto whale still has over $8 million in unrealized profits due to Dogecoinโs massive breakout this month.
Indeed, the 3.955 million Dogecoin in the crypto whaleโs account is now worth $1.50 million, as the top dog crypto whipped up 360% gains in the past three months. However, DOGE also succumbed to a double-digit drawdown on Tuesday, expediting the price 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.
- The shifting whale sentiment can explain this, 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.
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