thecryptobasic.com
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.