thecryptobasic.com
A blockchain address that made millions in profit from investing in PEPE has now moved money into Shiba Inu (SHIB) and the GameFi ecosystem.
With the cryptocurrency bull market now in full swing, investors are on the lookout for opportunities to rotate into different assets for profit maximization. This has proven to be the case with one whale spotted switching his portfolio.
Precisely, on-chain tracker Lookonchain identified an Ethereum address that made huge profits investing in green frog-themed memecoin, PEPE. The whale realized a profit of $3.49 million on their PEPE investment, booking his profit into other cryptocurrencies.
The whale purchased 75.9 billion Shiba Inu (SHIB) valued at around $893,000. This allocation to Shiba Inu may suggest that the whale believes that Shiba Inu has a higher upside than the recently liquidated PEPE position.
Notably, data shows that PEPE is now only 34% away from its all-time high, having gained over 240% in the past month. Shiba Inu, on the other hand, is 85% away from its all-time high and may witness significant growth if the current bull market continues.
A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.
Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT
— Lookonchain (@lookonchain) February 29, 2024
Whale Doubles Down on GameFi
Beyond his memecoin game, the smart whale in question also made significant investments in the Web3 gaming ecosystem. The address invested around $4 million in the most popular GameFi projects, including Decentraland (MANA), The Sandbox (SAND), and Gala Games (GALA).
The rotation into GameFi suggests that the smart whale believes the nascent space will be the next to boom in the current market cycle. Nonetheless, currently, Bitcoin, top altcoins, and memecoins continue to dominate the narrative.
Meanwhile, many analysts believe that the crypto market bull run is just in its infancy. Some project that the upward trend will last well into 2025, with Bitcoin hitting $200,000. However, at this time, the crypto market is valued at $2.3 trillion, around 25% away from its $3 trillion peak in late 2021.