One Pepe token whale has made a one month profit of almost $5 million despite the token crashing by more than 17% from its record high. The whale with wallet address “0x546” sold 660.7 billion tokens of PEPE at the value of $9.52 million and sent them to Binance. Lookonchain reported that this move rendered a 52% return on investment (ROI). Following this major transaction, the whale’s wallet now holds only $161,449 in cryptocurrency.
The price of $PEPE has fallen nearly 20% from its peak.
In the past 10 minutes, a whale deposited all 660.7B $PEPE($9.52M) bought a month ago into #Binance, making ~$4.95M, with an ROI of 52%.https://t.co/XTaeBlTNMLhttps://t.co/57yCOHJvpe pic.twitter.com/F6IV3qhrlq
— Lookonchain (@lookonchain) May 30, 2024
In a tweet by crypto analyst Davie Satoshi on X, the current position of the Pepe token (PEPE) might actually be a wave 4 of a major wave 3. Normally, wave 4 should be a triangle pattern and take place in the position of 23-30% correction. Wave 4 according to Satoshi is really hard to diagnose and assess and has the effect of causing a lot of confusion among investors. If market actions in the coming days tend to look confusing it will add the presence of wave 4.
One possible count for $PEPE is that we are currently in wave 4 of this major wave 3.
Typically, wave 4 tends to be a triangle pattern and corrects about 23-30%. In general, I hate wave 4's because the are the hardest wave to gauge and evaluate. If the action over the next few… pic.twitter.com/Z0FNmXIZst
— davie satoshi (@NFTdavie) May 30, 2024
Satoshi brings out the fact that wave four is characterized by uncertainty and one should avoid trading during this period, as the waves may appear in various forms. He notes that wave 4 usually contains many patterns, parameters, and types of movement, thus making it very difficult for investors to determine when the market trends are going to change.
Fluctuations characteristic to memecoins such as Pepe can result in incredible profits; however, they also mean that investors take significant risks. Hence, investors should be careful and ensure they are informed of such investments as they have high risks involved.
$PEPE is currently trading at a price of $0.00001432, with a 1.9% price drop as per Coinmarketcap data.
#pepe⚡ #altcoins #ETHETFsApproved #btc70k #Megadrop