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In a remarkable turn of events, PEPE Coin (PEPE) has surged by 75% in the past 24 hours, following its introduction on major platforms like Coinbase and Robinhood. However, data from blockchain sources indicates that substantial profit-taking by larger holders, known as whales, could lead to potential selling pressure on this meme coin. One notable transaction involved a whale offloading approximately 500 billion PEPE, yielding a profit close to $45 million.
Who Are the Whales Cashing Out?
A number of early investors in PEPE are now realizing their gains. Recently, a whale liquidated 500 billion PEPE for $11.8 million, marking a significant profit. This particular investor had amassed around 2.01 trillion PEPE tokens between May and September of the previous year, investing roughly $2.12 million.
What Factors Contributed to the Price Spike?
The price spike can be attributed to recent listings on Coinbase, Robinhood, and Upbit, which helped PEPE achieve a market cap exceeding $10 billion and a daily trading volume that skyrocketed by 200%, surpassing $20 billion. The meme coin sector, buoyed by Donald Trump’s recent electoral success, has seen significant engagement with leading coins like Dogecoin and PEPE each recording weekly gains exceeding 100%.
- PEPE Coin surged 75% following major platform listings.
- A whale sold 500 billion PEPE, netting $45 million in profits.
- Meme coin market capitalization now exceeds $10 billion.
- Daily trading volumes for PEPE have increased by 200%.
The rapid fluctuations in the meme coin market highlight both opportunities and risks. With large sales by whales and heightened social media buzz, volatility has increased significantly. Investors are urged to keep a close eye on market trends and the behavior of whale participants.