Recently, Pepe Coin (PEPE) has seen a 75% surge in price within 24 hours of listing on Coinbase and Robinhood, which has undoubtedly attracted the attention of many investors. However, on-chain data reveals some worrying signs that whale investors are ready to take profits, which could trigger a sell-off of meme coins.
A Pepe Coin whale has sold nearly 500 billion coins, making a profit of nearly $45 million. These early PEPE investors and whales have started their profit-taking journey. According to Lookonchain's report on November 14, the PEPE whale sold 500 billion PEPE tokens worth $11.8 million. Looking back from May 5 to September 10 last year, this smart investor gradually accumulated 2.01 trillion PEPE tokens, spending only 1,170 ETH, worth about $2.12 million.
Despite the deposits on Coinbase, the whale still holds 1.48 trillion PEPE, worth up to $33.2 million. This means that he has received a 20-fold return on his original investment, with a total profit estimated to be about $45 million.
After the successful listing on Coinbase, Robinhood and Upbit, PEPE prices have soared to a record high, with a single-day increase of 75%. As PEPE's market value successfully exceeded $10 billion, the recent daily trading volume has also soared by 200% like a rocket to more than $20 billion. According to Coinglass data, PEPE open interest surged 63% to $316 million, and the 24-hour liquidation volume soared to $48 million.
The entire meme coin industry has seen a bright future after Donald Trump won the US presidential election last week. Top meme coins such as Dogecoin (DOGE) and Pepe Coin (PEPE) have both risen by more than 100% in a week. Meanwhile, dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) have also risen by 60-70% respectively amid the meme coin craze.
However, Santiment on-chain data shows that the enthusiasm for memecoins has reached a historical peak, and greed and fear of missing out are spreading rapidly. In addition, the social discussion around memecoins has heated up sharply, all of which warns that there may be a large-scale sell-off in the future, and investors need to be extra cautious.
Alex Kruger, a well-known economist, commented on the current craze in the field of memecoins: "Except for Bitcoin, cryptocurrencies currently exist mainly in the form of memecoins. This is what market participants are chasing. That's it. And major exchanges are catering to this demand. Binance listing PNUT and ACT, Coinbase listing PEPE and WIF, these moves are strong proof of this."
In this craze, Pepe Coin has attracted much attention, and its price trend has become the focus. At the same time, PNUT has also shown extremely strong upward momentum, with a sharp rise of 200% in price, and a weekly increase of more than 1600%. Such an increase has undoubtedly caused a lot of waves in the cryptocurrency market. The price of Dogecoin (DOGE) reached $0.392, and the price of dogwifhat (WIF) was $4.18. They continued to rise under the strong push of bullish sentiment. It seems that the meme coin craze is still heating up, attracting the attention of many investors, and the entire cryptocurrency market, driven by meme coins, presents a lively but variable scene.
