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An anonymous investor has drawn attention within the crypto community after acquiring a vast amount of PEPE tokens in one transaction.
According to Lookonchain, the unknown investor spent $2 million worth of USDC to purchase 105,328,301,633 (approximately 105.33 billion) PEPE in a single transaction.
Someone spent 2M $USDC to buy 105.33B $PEPE in a single transaction!
Address:
0xd71c6b3760cfd22e50e5514d163986552a96930b pic.twitter.com/kDKmgptPEc— Lookonchain (@lookonchain) November 21, 2024
The transaction, which marks the user’s first-ever PEPE purchase, occurred on November 20 at 06:36 p.m. (UTC). Before the transaction, the user deposited $1 million worth of USDC and an additional $999,999 to the address before scooping the 105.33 billion PEPE tokens.
At press time, the address has a balance of 105.33 billion PEPE tokens, representing the portfolio’s largest asset by dollar value.
Growing Confidence in Pepe Amid Price Dip
This high-profile transaction signals significant confidence in the meme-based token’s potential. The transaction follows a massive dip that PEPE registered recently.
Last week, PEPE spiked to an all-time high of $0.00002524 following its listing on Coinbase and Robinhood. Within hours, its market cap also skyrocketed from $8 billion to $10.46 billion.
This massive move sparked a debate that PEPE might flip Shiba Inu (SHIB) to rank as the second-biggest memecoin by market cap. When most investors expected PEPE to overtake SHIB in the memecoin ranking, the asset began its downward journey, crashing below the $0.00002 mark.
Expectedly, the dip prompted concerns among several PEPE investors, who chose caution over investing amid the volatility. However, this whale had a different mindset, seeing the latest dip as an opportunity to acquire PEPE at discounted prices.
Since the beginning of this month, whales have been accumulating huge volumes of PEPE, with Lookonchain indexing some of these transactions. On November 6, three large crypto investors acquired 835.6 billion PEPE ($7.94 million) from Gate.io and Binance.
Specifically, one of the whales moved 535.81 billion PEPE, worth $5.09 million, from Binance to an unknown address. Another Binance user transferred 163.37 billion PEPE from the exchange. Lastly, an unknown whale withdrew 135.45 billion PEPE from Gate.io.
PEPE Growth Potential
PEPE has already showcased its potential for substantial price spikes. Launched last April, PEPE started trading at an initial price of $.00000005685 on the Ethereum-based decentralized exchange Uniswap.
The meme coin quickly caught the attention of top investors, pushing its valuation to $1 billion. Amid growing demand, PEPE eliminated three zeros from its price, leaving it with four zeros after its decimal.
Currently, PEPE trades for $0.00001931, with a market cap of $8.13 billion. This represents a decline of 5.13% in the past day and 18.45% over the past week.