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The blockchain tracking firm Lookonchain posted a thread to Twitter earlier today, which discussed the recent purchasing behavior of a particular Pepe ($PEPE) whale over the past few weeks. According to the thread, this whale, who had made around $11.47 million on $PEPE before, recently purchased 227 billion $PEPE at $0.0000011 again earlier today.
6.
— Lookonchain (@lookonchain) June 9, 2023
And please note that he has spent ~$1.81M to buy 3B $TURBO so far, but it is only worth $376K now.
Not sure whether the price of $TURBO will rise in the future, and whether his investment in $TURBO will be successful.https://t.co/7PtggrxgLS pic.twitter.com/msORSbwPWm
Lookonchain’s post added that the whale had purchased $PEPE between 19 April 2023 and 27 April 2023 when the meme coin’s price was very low. He reportedly spent 422 Ethereum ($ETH), worth $871K, as well as 200K USD Coin ($USDC) to buy 4.23 trillion $PEPE during this period.
Thereafter, the whale deposited the newly-purchased meme coins into Binance after the exchange’s announcement that it would be listing $PEPE. Another address that belonged to the trader, 0x24b0 withdrew 12.54 million Tether (USDT) from the exchange platform.
On-chain data revealed that the recent purchase by the whale was made using the funds from 0x24b0. The address that had purchased 227 billion $PEPE had received a total of 5 million $USDC from 0x24b0 before making its latest $PEPE purchase. Lookonchain believes this recent $PEPE purchase may be a sign of an upcoming price spike for the crypto.
This was not the only large purchase performed by the whale. In the thread, the blockchain tracking firm noted that he also purchased approximately $1.81 million worth of Turbo ($TURBO) recently. However, the altcoin’s value has dropped since then and his total $TURBO holdings are now only worth $376K.
At press time, CoinMarketCap indicated that $PEPE’s price posted a 3.97% gain over the past 24 hours. As a result, the meme coin’s price was trading at $0.000001088. In addition to strengthening against the dollar, $PEPE also outperformed the two market leaders Bitcoin (BTC) and Ethereum ($ETH) during this period.
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