A cryptocurrency whale known as “@degentradingLDS” on Twitter has earned a massive profit of 4.81 million dollars by sending 254.65 billion Pepe (PEPE) (nearly 5.15 million dollars) to the cryptocurrency exchange Binance.
The blockchain analytics company Spot On Chain has highlighted the activity of this cryptocurrency whale. The company points out that it is time to take advantage of meme coin trading.
The profit of 4.81 million dollars earned by this cryptocurrency whale has attracted the attention of investors. Although the whale has liquidated part of its PEPE holdings, it still owns a large portion of the meme coin.
Currently, the cryptocurrency whale holds 430 billion PEPE tokens worth 8.13 million dollars. Of this, 7.74 million dollars is unrealized profit. This means the whale has achieved an incredible profit of 13x on its investment.
This cryptocurrency whale also holds 3.96 million Dogecoin, worth 1.6 million dollars. This could lead to an unrealized profit of 1.5 million dollars, 15 times its investment.
This whale also holds other digital assets such as 2.5 million LDO worth 4.12 million dollars, with unrealized profit at 9.5%, amounting to 432,000 dollars in the downturn.
However, this loss does not significantly affect the cryptocurrency whale as they continue to buy LDO due to confidence in the long-term potential of the coin.
Recent developments in the cryptocurrency market have triggered the distribution of funds among cryptocurrency whales such as @degentradingLSD as meme coins like PEPE are witnessing more capital flowing out into altcoins. This is particularly evident in DOGE and LDO.
The change in whale activity may be due to broader market sentiment as cryptocurrency traders diversify their portfolios with solid fundamentals or value propositions based on utility.
At the time of the press report, Pepe was trading at 0.00001823 dollars, down 1.90% in the past 24 hours while trading volume decreased by 13.10% to 2.64 billion dollars and market capitalization dropped to 7.67 billion dollars.