A crypto whale appears to have earned a massive profit from an exchange of almost all assets for PEPE, a newly launched meme coin, according to the smart money on-chain analyst, Loonkonchain. The whale exchanged 20.62 WBTC, 17 billion CULT, 44,194 UNI, and 19.96 ETH, in exchange for 1.72 trillion PEPE. The buying price of PEPE was at $0.0000005533, and by the time of the report, the profit margin had reached $1.23 million.
The token has quickly gained attention and adoption from the crypto community and major crypto exchanges, like Huobi, OKX, Gate.io, MEXC, and BitMEX, which listed it just a day before the transaction. BitMEX activated the PEPEUSD and PEPEUSDT pairs, allowing traders to trade long and short them with up to 50x leverage.
Data from CoinmarketCap shows that the PEPE price has risen by over 80% in the last 24 hours, signaling a significant impact from the BitMEX listing. The whale executed the trade about 15 hours before Lookonchain posted the report, indicating it was shortly after the listing. Currently, PEPE trades at $0.000001568, after reaching a daily high of $0.0000017, which also marks the all-time high for the token.
PEPE is an ERC-20 token created as a tribute to the internet meme, 'Pepe the Frog'. The token is deflationary, and its holders are rewarded with yFrogs. The token was designed to provide holders with fun, yield, and long-term benefits, and aims to invigorate the market with a much-needed sense of humor. PEPE has inspired greater adoption of the cryptocurrency space within the mainstream entertainment by inspiring public engagement through meme-based NFTs.
Victoria Lopez
- 2023-05-04
Crypto Whale Makes Massive Profit From PEPE Exchange
A whale trader appears to have made a massive profit from exchanging almost all of its assets for PEPE, a meme-based ERC-20 token recently listed on major exchanges. Data from CoinmarketCap shows that the token's price has skyrocketed within 24 hours, resulting in an already profitable deal for the trader.
