Pepe coin (PEPE) has shown incredible performance along with the rest of the crypto market.
This weekend, the two largest cryptocurrencies, Bitcoin and Ether, showed notable price growth. BTC continues to hit new all-time highs (ATH) and ETH surpassed the $4,000 mark for the first time in two years.
Similarly, PEPE joined the party after hitting a new ATH over the weekend, causing whales to take profits from their exchanges.
Whale Makes Big Profits After Price Increase
After its launch in April last year, the frog-themed coin shook up the crypto space and the memecoin market, becoming one of the most recognizable memecoins in the sector. Despite the great start, PEPE’s price began to decline as the market turned its eyes towards competitors like BONK and other Solana-based memecoins.
However, the bull run has driven market prices to levels not seen since 2022, and PEPE has taken advantage of the bullish momentum. As reported by blockchain analytics platform Lookonchain, one whale made over 431% profits in just two weeks.
The address shows that the trader withdrew more than 1 billion PEPE tokens from Binance in three transactions before the price skyrocketed.
On March, 10, Lookonchain posted on X the following:
“In just 2 weeks, this trader made $8.13M (+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7M) to Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.
I have withdrawn 1.19T $PEPE (cost ~$1.88M) from Binance before the price of $PEPE increased.”
The first transaction of 713.12 billion PEPE was made 15 days ago, when it was trading at around $0.00000138. The second withdrawal, around 316.36 billion tokens, was made a day later when the price of the token was $0.00000180. Finally, the trader withdrew 116.7 billion tokens once again when the price was around $0.00000269.
Lookonchain said these withdrawals represented 1.19 trillion PEPE tokens, which cost around $1.88 million. Yesterday, the whale deposited 196.18 billion tokens on Binance for a profit of $1.7 million.
Management still has 1 trillion PEPE left, worth around $8.13 million and these holdings had increased by more than $1 million and were worth $9.13 million. As a media outlet reported, whales have benefited from their PEPE holdings since memecoin began its resurgence in late February.
PEPE’s Massive 800% Increase
Despite the volatile cryptocurrency market and whales selling large amounts of PEPE, its community apparently feels safe in the frog-themed coin and considers it THE memecoin of this lockdown.
Since interest in memecoins increased, the Pepe coin has followed suit and shown massive growth. In the last 14 days, the token has recorded a staggering 549% price increase. Even more impressive is that the price has increased by 799.5% in the last month. The token has risen to the top of the memecoin rankings after launching tokens like BONK and CorgiAI.
PEPE now stands as the third largest memecoin with a market capitalization of $3.85 billion, an increase of 8.41% in the last 24 hours. Similarly, its daily trading volume has increased by 16.85% to $1.49 billion, suggesting that market activity and interest in the memecoin has increased over the past day.
Currently, PEPE is trading at $0.000009135. This represents an increase of 8.5% in 24 hours and a decrease of 5.95% from its ATH of $0.000009793, recorded two days ago.
By Leonardo Perez
