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Lookonchain data shows an investor accumulated PepeCoin worth over $1.02 million, 67 billion coins, from OKX exchange on Wednesday.
Someone withdrew 67B $PEPE($1.02M) from #OKX 30 mins ago.
— Lookonchain (@lookonchain) May 29, 2024
It is worth noting that this guy lost $2.55M($-85.5%) in $SHIB before.
He bought 40.9B $SHIB($2.98M) at high price points during the bull market, and when the bear market came, he sold all of it at a loss.
Can he make… pic.twitter.com/qo0dRbSVXF
Notably, the top player has switched from Shiba Inu to PEPE, highlighting a potential dynamics shift in the memecoin sector.
The transaction comes as PepeCoin displays weakness, down over 10% in the past day, following substantial liquidations from developers.
Major player shifts from SHIB to PEPE
The transaction caught the attention of market participants as it came from an investor who suffered massive losses trading Shiba Inu.
The trade purchased 40.9 billion Shiba Inu tokens during bullish actions but lost patience and sold at a loss.
The trader spent approximately $2.98 million to acquire the SHIB assets only to lose 85.5% ($2.55 million) of his stash.
Meanwhile, the whale transaction raised eyebrows, with many questioning the trader’s plans and potential returns from PEPE.
Market players will likely watch to see whether the investor will profit from PepeCoin after massive losses in SHIB.
Current price outlook
The meme coins displayed mixed reactions amid the significant whale actions.
PEPE failed to shift its trajectory despite the massive investment, losing 10% over the past day to hover at $0.00001492.
Meanwhile, Shiba Inu maintained an upward stance as it climbed to rank among the top ten cryptos by market capitalization.
SHIB gained 3% over the past day to trade at $0.00002682 during this publication.
Nonetheless, the whale accumulation will likely revive optimism among PepeCoin enthusiasts.
The substantial influx in investment could signal trust in the asset’s potential, attracting more traders.
Furthermore, PepeCoin’s current dip comes after it exploded to all-time highs.
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