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Pepe coin (PEPE) has been showing an incredible performance alongside the rest of the crypto market. This weekend, the two biggest cryptocurrencies, Bitcoin and Ether, displayed remarkable price growth.
BTC keeps reaching new all-time highs (ATH), and ETH surpassed the $4,000 mark for the first time in two years. Similarly, PEPE joined the party after hitting a new ATH over the weekend, which prompted whales to take profit on their bags.
Whale Makes Big Profits After Price Surge
After its launch in April of last year, the frog-themed coin shook the crypto space and the memecoin market, becoming one of the most recognizable memecoins in the sphere.
Despite the big start, PEPE’s price started fading as the market turned its eyes to competitors like BONK and other Solana-based memecoins. However, the bull run has propelled the market prices to heights unseen since 2022, and PEPE has taken advantage of the bullish momentum.
As reported by the blockchain analytics platform Lookonchain, a whale made over 431% in profits in just two weeks. The address shows that the trader withdrew over 1 trillion PEPE tokens from Binance in three transactions before the price skyrocketed.
In just 2 weeks, this trader made $8.13M(+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7M) to #Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.
He withdrew 1.19T $PEPE(cost ~$1.88M) from #Binance before the price of $PEPE increased.… pic.twitter.com/FWZgIWcCYP
— Lookonchain (@lookonchain) March 10, 2024
The first transaction of 713.12 billion PEPE was made 15 days ago when it was trading at around $0.00000138. The second withdrawal, about 316.36 billion tokens, was done a day later when the token price was $0.00000180. Finally, the trader withdrew 116.7 billion tokens one more time when the price was hovering around $0.00000269.
Lookonchain said these withdrawals accounted for 1.19 trillion PEPE tokens, which cost about $1.88 million. Yesterday, the whale deposited 196.18 billion tokens back to Binance for profits of $1.7 million.
The address still has 1 trillion PEPE left, worth around $8.13M at the time of the report. At the time of writing, these holdings had increased by over $1 million and were worth $9.13 million.
As reported by NewsBTC, whales have profited from their PEPE holdings since the memecoin started its resurgence in late February.
PEPE’s Massive 800% Surge
Despite the volatile crypto market and whales selling large amounts of PEPE, its community seemingly feels confident in the frog-theme coin and considers it THE memecoin of this bull run.
$PEPE will surprise everyone like $DOGE did in 2021.
After the first Dogecoin pump in 2021, some people regretted not buying.
Don't make the same mistake in 2024 with $PEPE. This is THE meme coin of this bullrun. pic.twitter.com/lUq213XwFQ— Tryrex (@Tryrexcrypto) March 9, 2024
Since the memecoin interest surged, Pepe coin has tagged along and shown massive growth. In the last 14 days, the token has registered a staggering 549% price. Even more impressively, the price has risen 799.5% in the past month.
The token has climbed to the top of the memecoin ranking after flipping tokens like BONK and CorgiAI. PEPE now sits as the third largest memecoin with a market capitalization of $3.85 billion, an 8.41% increase in the last 24 hours.
Similarly, its daily trading volume has increased by 16.85% to $1.49 billion, suggesting that market activity and interest in the memecoin have surged in the last day.
At writing time, PEPE is trading at $0,000009135. This represents an 8.5% rise in 24 hours and a 5.95% decrease from its ATH of $0,000009793, registered two days ago.
PEPE price performance in the 5-day chart. Source: PEPEUSDT on Tradingview.com