Lookonchain, an on-chain analysis platform, recently took to Twitter to share an interesting post about a particular Pepe (PEPE) whale and his trading habits during certain market conditions. The post revealed that this whale has a history of selling PEPE every time there is an increase in the meme coin’s price.
According to the post, the whale sold approximately 100 billion PEPE for 21 Ethereum (ETH), which is worth around $40k, on May 4th. This sale was made while the meme coin was worth approximately $0.0000004007. Interestingly, on April 19th, Lookonchain reported that the same whale had bought 5.9 trillion PEPE for 0.125 ETH four days earlier. At the time of purchase, the price of the meme coin was $0.0000001933, which means the whale would have made a $1.14 million profit if he had sold.
So far, the whale has sold approximately 800 billion PEPE, which is 14% of all PEPE. He received 117 ETH, worth $221.5k, at an average selling price of $0.0000002744.
Despite the whale selling a significant portion of his holdings, the last 24 hours have been exceptionally kind to PEPE. CoinMarketCap indicates that the meme coin is currently trading at $0.0000005457 after a price increase of 69.25%. This increase has allowed PEPE to strengthen against both Bitcoin (BTC) and Ethereum (ETH) by about 69.67% and 69.10%, respectively, over the last day.
Furthermore, the crypto’s 24-hour trading volume has seen an increase of over 200% since yesterday and currently stands at $128,133,755. The meme coin’s performance over the last day has done wonders for its weekly performance as PEPE is now up 62.04% over the last seven days. However, PEPE did experience a loss of more than 8% over the last hour alone.
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In conclusion, despite a whale selling billions of tokens, PEPE has shown great resilience and has experienced significant growth in the last 24 hours. It remains to be seen how the meme coin will perform in the coming days and whether the whale will continue to sell his holdings.