After a surge that put many holders in profit, the price of PEPE has declined by 3% today as traders start to take profits. This shift is marked by a significant transaction from a major whale, who just deposited 365.96 billion PEPE (worth $5.3 million) into Binance.
This whale originally withdrew the same amount of PEPE from MEXC on December 13 and December 16, 2023, when the value was $494,000.
In less than six months, this savvy trader turned a $494,000 investment into $5.3 million, achieving a staggering profit of $4.82 million and an ROI of 976%.
A whale deposited 365.96B $PEPE($5.3M) into #Binance for profit just now!
He withdrew 365.96B $PEPE($494K at the time) from #MEXC on Dec 13 and Dec 16, 2023.
He turned $494K into $5.3M in less than 6 months, with a profit of $4.82M and an ROI of 976%!https://t.co/HXCrl0QBxm pic.twitter.com/jeFRd6NyWK
— Lookonchain (@lookonchain) June 4, 2024
Price Decline Hits Memecoin, PEPE
The decline in PEPE’s price comes as no surprise given the substantial profits realized by early investors. As more traders begin to cash in, the market is seeing increased selling pressure, which is impacting the token’s short-term price movement.
Despite this, the long-term outlook for PEPE remains influenced by the broader market trends and the community’s engagement with the token.
PEPE’s recent volatility highlights the risks and rewards inherent in trading meme coins, where rapid gains can quickly lead to significant profit-taking and subsequent price drops. Traders and investors should remain cautious and stay informed about market conditions to navigate these fluctuations effectively.
In summary, while PEPE has experienced a minor pullback due to profit-taking, the impressive returns realized by early adopters underscore the potential opportunities within the cryptocurrency market. As always, vigilance and strategic planning are key to capitalizing on these market dynamics.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Profit-Taking Hits PEPE: Whale Cashes In appeared first on The Merkle News.