170.2 Billion PEPE Dumped by Diamond Hand Whale With Massive Profit

Crypto whale tracker and analytics account on X @lookonchain spread the word about a mysterious cryptocurrency whale, a “diamond hand” one, who disposed of a massive $PEPE chunk several hours ago.

That whale had held those $PEPE coins for almost a year and has now made a massive return on his investment into this meme coin.

Selling billions of $PEPE with huge ROI

The aforementioned $PEPE diamond hand transferred 170.2 billion of these hyped meme coins to a cryptocurrency exchange where he sold them, earning $1.77 million. The ROI on this investment was a whopping 886%, according to the tweet.

@Lookonchain shared that at the end of October last year, this trader purchased the 107.2 billion $PEPE, spending 200,000 $USDC on that purchase. He held it until today.

$PEPE coin plummets 11%

Over the last 24 hours, the hyped meme cryptocurrency $PEPE has seen a striking decline, losing almost 12% after a 10.76% increase on Wednesday. By now, $PEPE has lost the $0.00001293 price mark and crashed to hit $0.00001141.

$PEPE emerged out of the blue in April last year, created by a team of anonymous developers. Unlike other popular meme coins, this one was inspired not by Shiba Inu dogs but by Pepe the Frog, a meme popular on the internet.

$PEPE's utility remains at zero

Many pointed out that $PEPE had zero utility and still has none. However, the meme coin seems to have a high appeal among short-term investors and traders as they continue to actively buy it and then sell $PEPE after holding it for a while.

No updates have been made to $PEPE, unlike other popular meme cryptocurrencies, such as Dogecoin, Shiba Inu, Floki or BabyDoge, since its anonymous team stopped working on $PEPE after launching it on the market last year. Therefore, it remains a speculative investment tool for many cryptocurrency traders.