Pepe Cryptocurrency Whale Banks $5M Profit: Will the Value Continue to Surge?
Summary:
A significant holder of Pepe cryptocurrency has seen substantial gains of nearly $5 million within a month, despite a drop in the token's value. After transferring all his Pepe stakes into a Binance wallet, the investor's wallet worth fell to just $161,449 in crypto value. Trading of memecoins, despite their intrinsic lack of utility, has receded slightly but has previously led to large profits for savvy investors. Questions linger about whether Pepe's price can climb again amid a potential new hype cycle.
A substantial holder of the cryptocurrency Pepe recently generated nearly $5 million in profits within a span of one month. The question now emerges whether the value of Pepe could further surge due to increased interest from retail investors.
A shrewd participant in the world of memecoin recently made a gain of $4.95 million over a single month, reflecting a 52% return on his starting investment, in spite of a 17% decrease from the all-time peak in Pepe's (PEPE) price. The said holder reportedly transferred all his Pepe stakes into a Binance wallet according to a Lookonchain post from May 30, which indicated that the individual had moved all 660.7B units of his $PEPE (valued at approximately $9.52M) into Binance, thereby yielding almost $4.95M, and achieving an ROI of 52%.
Subsequent to the sizeable transfer of more than $9.5 million worth of Pepe to Binance, the particular holder's wallet, known as "0x546", has now depreciated to a mere $161,449 in cryptocurrency value, with over 96% of its content constituted by Compound (COMP) tokens as per Coinstats.
The collective trading volume of memecoins has seen a slight dip after an era of remarkable profits, falling by more than 21% within the last 24 hours to $10.2 billion, compared to in excess of $13 billion on May 28, as stated by CoinMarketCap data.
Despite their lack of fundamental utility, memecoins have the capacity to generate millionaires due to their unstable nature. As of the end of May, another astute trader realized a profit of $2.7 million within a mere three days trading on the meme token associated with Donald Trump, MAGA (TRUMP).
Nonetheless, the question remains if Pepe's price could continue on an upward trajectory. Over the 24 hours preceding 1:45 p.m. UTC, Pepe's price experienced a decrease of over 4.4%, resulting in a trading price of $0.00001437 as per TradingView. The token's value has fallen more than 17% since reaching its all-time high.
Pepe's value attained a fresh all-time high on May 27, just three days prior. However, Pepe's fractal patterns suggest a potential 40% price correction if January 2024’s patterns repeat themselves.
On the other hand, the current correction in Pepe's price could potentially be signalling the start of a new hype cycle, potentially leading Pepe's market cap to exceed $10 billion, as per the pseudonymous crypto pundit Davie Satoshi's post on May 30.
Caitlyn Jenner is the latest to have her meme coin 'mastermind’s' celeb price list leaked. This article does not provide investment guidance or suggestions. All investment and trading decisions entail risk, hence readers are advised to conduct their own investigations before making a decision.
Published At
5/30/2024 6:20:51 PM
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