The price of the meme-inspired cryptocurrency $PEPE has surged by more than 1,330% over the past six months, including a rise of over 800% in the last 30-day period, enough for a cryptocurrency whale to make over $3.3 million of profit off the cryptocurrency.
According to on-chain analysis service Spot On Chain, a cryptocurrency trader took advantage of PEPE’s astounding price rise to deposit 500 billion tokens worth around $4.26 million onto leading cryptocurrency exchange Binance, to realize $3.39 million in profit.
The memecoin trader is notably still holding onto around 100 billion PEPE tokens worth over $1 million, and has over $900,000 in profits from other memecoins Floki Inu and Shiba Inu.
Notably, various whales in the memecoin sector have been selling their tokens over the last few days after prices skyrocketed. As CryptoGlobe reported, pseudonymous memecoin whales have been transferring large amounts of both SHIB and PEPE to major centralized exchange to realize their gains, with one whale realizing over $6 million in gains by depositing over 200 SHIB onto Gemini and Crypto.com.
The whale has been trading the meme-inspired cryptocurrency after buying 15.2 trillion tokens four years ago for 10 ETH. The whale is estimated to have a profit of around $129 million with 2.6 trillion tokens left on their wallet.
Another cryptocurrency whale was spotted by the service selling 1.9 trillion PEPE tokens to realize an estimated gain of around $3.3 million. These sales came at a time in which the price of SHIP dropped by around 8% over the past week, while PEPE saw its price drop around 8.7% in intraday trading.
Featured image via Pixabay.
