- Spot On Chain spotted a meme coin trader who deposited 500 billion PEPE on Binance in the past 10 days.
- The trader sold part of his holdings for a $3.39 million profit.
- PEPE has surged over 700% in the past three weeks after breaking out of a prolonged bear trend
According to Spot On Chain, a top cryptocurrency analytics platform, a meme coin smart trader deposited 500 billion PEPE, equivalent to $4.26 million, to Binance in the past 10 days. During this period, the trader made a profit of $3.39 million, with the meme coin still surging in price.
Spot On Chain noted the trader moved a significant portion of his PEPE holdings earlier today but still holds 100 billion PEPE, worth $1.05 million. The same trader also made a $900,000 profit from holding FLOKI and SHIB, two meme coins from the Shiba Inu ecosystem.
PEPE broke out of long-term resistance on February 26, rallying consistently for nearly three weeks. The frog-themed blockchain token is Ethereum-based and was launched in April 2023. The price collapsed after an initial rally in the middle of 2023 to trade bearishly for nine months.
Furthermore, PEPE has surged over 700%, gaining over 140% of its previous all-time high (ATH) with the recent rally, according to data from TradingView. As a result, the meme coin has climbed up the ladder to rank in the 30th position among the global cryptocurrencies, according to data from CoinMarketCap.
Meanwhile, PEPE’s market capitalization has risen by 14.7%, reaching $4.42 billion. The meme coin’s price surged by 15% in the past 24 hours to trade for $0.00001045 at the time of writing, per CoinMarketCap.
Other meme coins have followed PEPE’s trajectory, with FLOKI gaining over 750% in the past three weeks and SHIB rallying by about 380% during the same period, according to data from TradingView.
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