A smart money on-chain analyst named Loonkonchain has reported that a crypto whale appears to have converted nearly all of their assets into PEPE, a newly created meme coin. The whale has reportedly earned a profit of around $1.23 million since making this trade.
Lookonchain said the whale traded 20.62 WBTC worth $590,000, 17 billion CULT for $90,000, 44,194 UNI worth $235,000, and 19.96 ETH worth $37,000. The whale gave 1.72 trillion PEPE in exchange, with the price of PEPE at the time of the exchange being $0.0000005533.
PEPE’s price had increased at the time of Lookonchain’s report, and the whale’s profit margin for the trade had risen to about $1.23 million.
The recently released cryptocurrency has gained much traction in the crypto community, as evidenced by the explosion in price. Top cryptocurrency exchanges, including Huobi, OKX, Gate.io, and MEXC, all of which have listed the meme coin, have made some significant adoptions of PEPE.
PEPE was just added to BitMEX’s cryptocurrency exchange yesterday, May 3, 2023. The PEPEUSD and PEPEUSDT pairs were enabled by BitMEX, enabling traders to trade long and short positions with up to 50x leverage. The price of PEPE has increased over 80% in the past 24 hrs, according to data from CoinmarketCap, demonstrating a strong impact from the listing on BitMEX.
Additionally, the whale completed the trade about 15 hours before Lookonchain published the report, indicating that it occurred soon after BitMEX’s listing. At the time of writing, PEPE, the meme coin featuring a frog motif, was being traded at $0.000001568, having peaked at $0.0000017 during the day. This is also the all-time high (ATH) for the coin.
PEPE is one of the tokens in the cryptocurrency market that is presently receiving the most attention. On the Ethereum network, a deflationary meme coin has just been introduced. According to rumors, PEPE was designed by the developers as an homage to the ‘Pepe the Frog’ internet craze.
