A mysterious cryptocurrency whale has made waves in the memecoin market by moving nearly $8 million worth of $PEPE from Binance, withdrawing 592 billion tokens after a recent price surge. On-chain analytics firm Lookonchain suggests that the whale likely purchased the tokens as PEPE’s price spiked.
Recently, PEPE hit new highs, briefly surpassing the $0.000014 mark before slightly correcting. This gain occurred amid a broader cryptocurrency market rally, which added over $200 billion to the total market capitalization.
The catalyst for this market surge appears to be news about the potential approval of spot Ether exchange-traded funds (ETFs) in the U.S. The Securities and Exchange Commission (SEC) has requested that exchanges update key filings for these products, fueling speculation that the regulator may approve them.
During this surge, an early investor in PEPE, who initially invested just over $460, cashed out with a nearly 740,000% gain, turning their $460 into approximately $3.4 million. Data from the investor’s wallet shows they often invest in newly launched memecoins, hoping one will take off. While they’ve been early on several successful memecoins, they have also invested in many that faded away soon after launch, according to Etherscan data.
PEPE’s upward trend has caught the attention of cryptocurrency analysts. Popular trader Altcoin Sherpa recommended PEPE for those looking for a “big cap meme to long,” citing its good liquidity and strong volume. Conversely, another analyst, DonAlt, warned of a potential bubble in the memecoin market, predicting that popular memecoins, including PEPE, could face crashes exceeding 80% based on historical data.
May 2024, Cryptoniteuae
