PEPE Coin (PEPE) experienced a 75% value increase in the last 24 hours following its listings on Coinbase and Robinhood. However, on-chain data suggests that whales may be taking profits, indicating potential selling pressure on meme coins. Notably, a significant PEPE whale sold approximately 500 billion PEPE, realizing a profit of about 45 million dollars.
Major Sales Begin
Whales who invested early in PEPE have begun to cash in on their profits. Recently, one whale sold 500 billion PEPE for 11.8 million dollars, resulting in considerable gains. This investor accumulated around 2.01 trillion PEPE tokens between May 5 and September 10 last year, spending 1,170 ETH (approximately 2.12 million dollars) during that period.
Despite these sales, the whale still holds 1.48 trillion PEPE, indicating a 20-fold return on the initial investment, leading to a total profit of approximately 45 million dollars.
Record Increase in PEPE Price
PEPE set a new record with a 75% price increase following its listings on Coinbase, Robinhood, and Upbit. The market capitalization of PEPE exceeded 10 billion dollars, while daily trading volume surged by 200% to surpass 20 billion dollars.
In the wake of Donald Trump's victory in last week's U.S. Presidential Elections, the meme coin market gained traction overall. Leading meme coins like Dogecoin (DOGE) and PEPE recorded weekly gains exceeding 100%. Additionally, other meme coins such as dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) rose by 60-70%.
According to Santiment, meme coin activity remains high. Increased greed and FOMO have been observed, alongside a significant rise in discussions about meme coins across social media platforms, suggesting an approaching selling pressure.
Renowned economist Alex Kruger summarizes the market's direction by stating, “Outside of Bitcoin, the crypto market is currently primarily focused on meme coins. Exchanges are moving according to this demand.”
Potential Opportunities and Risks for Investors
Not only PEPE but also PNUT has seen a 200% increase, raising its weekly gains above 1600%. Dogecoin (DOGE) trades at 0.392 dollars, while WIF stands at 4.18 dollars.
This rapidly fluctuating meme coin market presents both opportunities and risks for investors. Large whale sales and increasing social media interest elevate market volatility. Investors should closely monitor market trends and whale movements.
In conclusion, the rise of PEPE and other meme coins reflects the changing dynamics in the crypto market, making it crucial for investors to remain vigilant and track market trends.
