A whale, or large memecoin holder, made nearly $5 million in just one month with Pepe tokens. Could another wave of retail interest keep Pepe’s price rising?
PEPE Whale earns nearly $5 million a month.
Prominent memecoin Whale earned $4.95 million in one month, despite Pepe (PEPE) price falling more than 17% from its all-time high. This is a 52% return on the initial investment.
According to a May 30 post on Lookonchain, the whale deposited all of Pepe’s holdings into its Binance wallet.
“In the last 10 minutes, one whale deposited all of the $660.7 billion PEPE ($9.52 million) it purchased a month ago into Binance, earning about $4.95 million with a 52% ROI.”
According to Coinstats, after Pepe transferred over $9.5 million to Binance, the whale’s wallet “0x546” is now worth just $161,449 worth of cryptocurrency, with over 96% of its holdings comprised of Compound (COMP) tokens.
Since Memecoin’s explosive rise, investor interest has waned slightly. Cumulative trading volume for Memcoin, which was over $13 billion on May 28, has fallen more than 21% to $10.2 billion in the past 24 hours, according to CoinMarketCap data.
Despite having no intrinsic utility, memecoins can often create millionaires due to their volatile nature. In late May, another savvy trader made $2.7 million in just three days with the Donald Trump-themed MAGA (TRUMP) meme token.
Related: Trader converted $2.2K SOL into $2.26M in 8 hours using new memecoin.
Can Pepe’s price continue to rise?
According to TradingView, Pepe’s price fell more than 4.4% in the 24 hours to 1:45 PM UTC, trading at $0.00001437. The token is down more than 17% from its all-time high.
Pepe’s price hit an all-time high three days ago, on May 27th. However, the Pepe fractal hints at a potential 40% price correction if the price chart repeats the January 2024 pattern.
Nonetheless, Pepe’s current correction may signal the formation of a new hype cycle that could help push Pepe’s market cap past $10 billion, anonymous cryptocurrency analyst Davie Satoshi wrote in a May 30 X post. I wrote it.
“Typically, wave 4 tends to be a triangle pattern with about a 23-30% correction. This may be the pattern we are seeing until the major launch of wave 5, which will lead to over $10 billion!”
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.