Meme Coin Frenzy: Pepe Whale Makes $11.8M as Profit-Taking Causes Potential Selloff

Pepe Whale Dumps 500 Billion PEPE Tokens Amid Post-Listing Surge, Market Awaits Selloff

In the twenty-four hours after the Coinbase and Robinhood listings, the price of Pepe Coin (PEPE) surged by a staggering 75.45%. Memes will likely book profits, according to on-chain statistics, which will cause a selloff in meme coins. While making about $45 million in profit, a Pepe Coin whale dumped almost 500 billion tokens.

Profit booking has begun for whales and early PEPE investors. According to Lookonchain, on November 14, a PEPE whale sold 500 billion PEPE coins, generating $11.8 million. After investing 1,170 ETH, which was worth $2.12 million at the time, the smart money accumulated 2.01 trillion PEPE tokens between May 5 and September 10 of last year.

After Major Exchange Listings, PEPE Coin Sets Records with 200% Volume Increase and $10B Valuation

The whale still has 1.48 trillion PEPE, or $33.2 million, notwithstanding the present deposit to Coinbase. With a projected total profit of $45 million, this indicates that the whale has generated 20 times the original investment’s return.

After the massive listing on Coinbase, Robinhood, and Upbit, the price of PEPE shot up to a new all-time high, gaining 75% in a single day. In the recent frenzy, daily trade volumes have increased 200% to almost $20 billion as PEPE surpasses the $10 billion market value. According to Coinglass data, 24-hour liquidations have increased to $48 million, while PEPE open interest has increased by 63% to $316 million.

For more up-to-date crypto news, you can follow Crypto Data Space.