Pepe Coin Soars 75% with Coinbase and Robinhood Listings
A whale made a profit of $45 million by selling 500 billion PEPE. Selling pressure and market volatility are expected in meme coins.
Pepe Coin (PEPE) has seen a massive 75% increase in value in the last 24 hours after being listed on Coinbase and Robinhood platforms. However, on-chain data suggests that whales may sell profits and meme coins may be under selling pressure. A particularly large PEPE whale made a profit of approximately $45 million by selling 500 billion PEPE.
Whales Reap Their Profits
Whales who invested early in PEPE have begun to realize their profits. One prominent whale made a significant profit by selling his 500 billion PEPE for $11.8 million. This investor had accumulated approximately 2.01 trillion PEPE tokens throughout 2023, especially between May 5 and September 10, and spent 1,170 ETH (approximately $2.12 million) in the process. However, despite this sale, the whale still holds 1.48 trillion PEPE, making a 20-fold return on its initial investment. In total, it appears to have made a profit of approximately $45 million.
Record Increase in PEPE Price
After being listed on major platforms such as Coinbase, Robinhood and Upbit, PEPE broke a new record by gaining 75% in value. PEPE's market value exceeded $10 billion, while its daily trading volume increased by 200% to exceed $20 billion.
Donald Trump’s victory in last week’s US Presidential Election seems to have created a general momentum in the meme coin market. Leading meme coins like Dogecoin (DOGE) and PEPE have gained over 100% on a weekly basis, while other meme coins like Dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) have gained between 60-70%.
Social Media and the FOMO Effect
According to Santiment data, the movement of meme coins has reached very high levels. The increase in meme coin discussions on social media platforms shows that the wave of excessive optimism and FOMO (fear of missing out) is spreading rapidly. This situation suggests that there may be a selling pressure in the short term.
“With the exception of Bitcoin at $90,714, the crypto market is currently mostly meme-driven. Exchanges are also acting on this demand,” said renowned economist Alex Kruger, summarizing the current direction of the market.
Opportunities and Risks for Investors
Alongside PEPE, Peanut the Squirrel (PNUT) is also up 200%, taking its weekly gains to over 1600%. Dogecoin (DOGE) is currently trading at $0.392, while WIF has risen to $4.18.
The meme coin market presents both opportunities and risks for investors, with rapidly changing prices. Large whale sales and intense interest on social media are increasing market volatility. For this reason, investors should carefully monitor market trends and whale movements.
In conclusion, the rise of PEPE and other meme coins highlights the changing dynamics of the crypto market. Investors’ caution and following market trends are crucial for successful investment strategies.
