The memecoin whale made a return of more than 52% on its initial investment in one month, even though the price of Pepe fell more than 17% from its all-time high.
A whale, or large memecoin holder, has made a profit of almost USD 5 million with the Pepe token in less than a month. Can Pepe's price continue to rise due to a new wave of retail interest?
A clever memecoin whale made $4.95 million in less than a month, representing a 52% return on his initial investment, even though Pepe $PEPE 's price fell more than 17% from its peak historical.
The whale has deposited all of his Pepe holdings into a Binance wallet, according to a May 30 X post by Lookonchain, which wrote:
"In the last 10 minutes, a whale deposited all of his 660.7 billion $PEPE (USD 9.52M) purchased a month ago on Binance, getting approximately USD 4.95M, with an ROI of 52%."
Following the transfer of over $9.5 million in Pepe to Binance, the “0x546” whale wallet is now worth just $161,449 in cryptocurrency, with over 96% of the holdings made up of Compound (COMP) tokens. according to Coinstats.
After a period of explosive gains in memecoins, investor interest has seen a small decline. Cumulative memecoin trading volume fell more than 21% in the past 24 hours to $10.2 billion, compared to more than $13 billion on May 28, according to data from CoinMarketCap.
Despite having no intrinsic utility, memecoins can often create millionaires due to their volatile nature. In late May, another astute investor made a profit of $2.7 million in just three days on the Donald Trump-themed MAGA meme token (TRUMP).