Crypto Whale Makes $1.23M Profit in 15 Hours Trading PEPE

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Crypto Whale Makes $1.23M Profit in 15 Hours Trading PEPE
  • A crypto whale appears to have exchanged almost all assets for PEPE.
  • The whale received 1.72 trillion PEPE during the transaction at $0.0000005533 per token.
  • Since the purchase, the whale has gained about $1.23 million in profit from the transaction.

A crypto whale appears to have exchanged almost all assets for PEPE, the newly created meme coin, according to the smart money on-chain analyst, Loonkonchain. Since the purchase, the whale has gained about $1.23 million in profit from the transaction.

Lookonchain reported the whale exchanged 20.62 WBTC worth $590,000, 17 billion CULT worth $90,000, 44,194 UNI worth $235,000, and 19.96 ETH worth $37,000 in the transaction. In return, the whale received 1.72 trillion PEPE, with the price of PEPE during the transaction at $0.0000005533.

At the time of Lookonchain’s report, PEPE’s price had appreciated, and the whale’s profit margin for the trade had reached almost $1.23 million.

The recently launched token has experienced significant adoption from the crypto community, as reflected in its skyrocketing price. Some key PEPE adoptions come from top crypto exchanges like Huobi, OKX, Gate.io, and MEXC, all of which have listed the meme coin.

The most recent crypto exchange to list PEPE is BitMEX, which listed it yesterday, May 3, 2023. BitMEX activated the PEPEUSD and PEPEUSDT pairs and allowed traders to trade long and short them with up to 50x leverage. Data from CoinmarketCap shows PEPE price has risen by over 80% in the last 24 hours, indicating a significant impact from the listing on BitMEX.

Furthermore, the whale executed the trade about 15 hours before Lookonchain posted the report, showing it took place shortly after the listing by BitMEX. At the time of writing, PEPE traded at $0.000001568 after reaching a daily high of $0.0000017, which also marks the all-time high (ATH) for the Frog-themed meme coin.

PEPE is currently one of the most talked-about tokens in the cryptocurrency market. It is a deflationary meme coin newly launched on the Ethereum blockchain. Reportedly, the developers created PEPE as a tribute to the internet meme, ‘Pepe the Frog’.