A new meme coin is taking the cryptocurrency market by storm. Whales were also included in this current. A giant crypto whale has sold crypto assets such as Bitcoin, ETH and UNI and invested its money in PEPE. Whale earned $1.23 million almost instantly.
The whale sold everything including Bitcoin and invested it in PEPE!
cryptocoin.comAs you follow, Pepe Coin continues to be talked about in the crypto world. Within a few days of its release, its value increased exponentially. On Thursday, May 4, the altcoin was trading in the green at $0.000001176. Major contributors have had their eye on this crypto for a while.
A post from on-chain analytics platform Lookonchain revealed that a whale traded “almost all its assets,” including Bitcoin, for Pepe Coin. When it comes to casting, the whale traded 20.62 Wrapped Bitcoins, 17 billion CULTs, 44.1k Uniswap tokens and 19.96 ETH. He received $2.19 worth of PEPE in exchange for the whale. Lookonchain also released the following statement:
The purchase price of PEPE is approximately $0.0000005533. Currently, the whale has made a profit of approximately $1.23 million.
In parallel, a recent tweet from Nansen revealed that another trader is also diverting funds to meme coins in hopes of becoming a millionaire. According to press time, the trader’s portfolio was worth $1.2 million. Also, WOJAK accounted for 57.7% of the trader’s portfolio, while PEPE had a share of 41.6%.
Short selling is on the rise in Pepe Coin, but…
Although purchases continue to be made, it should be noted that participants have also started profit booking. A day ago, Pepe Coin’s trading volume surpassed that of popular meme coins Dogecoin and Shiba Inu. Immediately afterwards, a correction occurred, indicating that participants were selling.
In fact, at press time, Pepe’s funding rate was negative. It also revealed that bearish traders dwarf the uptrend traders in the derivatives market. At this stage, with the shorts paying the longs, it is possible to say that most of the traders expect the Pepe Coin price to continue falling.
However, there may also be a silver lining. Laevitas recently revealed that the market is perhaps experiencing a ‘short squeeze’ right now. Despite the negative funding rate, the price of the asset has seen a sharp rise recently. This indicates that bearish traders have been removed from the market and become a boon for Pepe’s price.
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