PEPE Coin experienced a 75% increase in the last 24 hours following listings on major exchanges. Meanwhile, on-chain data suggests potential selling pressure from large investors, known as whales.
Major Sales Begin
Whales who invested early in PEPE have begun cashing 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 last year, spending 1,170 ETH (approximately 2.12 million dollars). Despite these sales, the whale still holds 1.48 trillion PEPE, indicating a 20-fold return and 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. Following Donald Trump’s victory in the Presidential Elections in the U.S., the meme coin market gained traction. Leading meme coins like Dogecoin and PEPE recorded weekly gains exceeding 100%.
Potential Opportunities and Risks for Investors
Not only PEPE, but also other meme coins have seen significant growth. However, the meme coin market is characterized by high volatility, presenting both opportunities and risks for investors. Large whale sales and increasing social media interest heighten market volatility. Investors should closely monitor market trends and whale movements to make informed decisions.
The rise of PEPE and other meme coins reflects the changing dynamics in the crypto market. It is crucial for investors to remain vigilant and track market trends.
