In the crypto market, the meme coin trend has managed to survive even during the bearish period. Pepe (PEPE) has been the prominent token of this trend recently.
Although PEPE was launched recently, it gained a huge fan base and rallied to a considerable extent. Meme coin has attracted the attention of not only individual investors but also whales.
This trend analysis account was also revealed by @lookonchain. Current data whales continue to accumulate PEPE and reap huge profits from it. One of these investors drew particular attention. The whale in question traded some of its Shiba Inu balance for PEPE.
1/ A SmartMoney that made ~$3.84M on $SHIB swapped some of his $SHIB positions for $PEPE!
NEWS CONTINUES BELOWThis SmartMoney bought 325B $PEPE($700K currently) with 6B $SHIB($67K).
Very wise decision!
NEWS CONTINUES BELOWIf you want to buy the next $SHIB and $PEPEbe sure to follow this address. pic.twitter.com/WOcWdHbNiw
— Lookonchain (@lookonchain) May 5, 2023
Lookonchain reports that there is a whale of “Smart Money” (investors quickly buying and selling large amounts of trendy crypto to make quick cash) that bought 133 billion Shiba Inu for $224,000 in April 2021. This whale made $3.84 million from the SHIB purchase and today traded some of the SHIB stash (6 billion meme coins) for PEPE.
Another “Smart Money” wallet bought 511 billion PEPE for 800,000 USDC about 20 hours ago, earning $785,000 from this transaction.
The popular meme coin PEPE has shown amazing growth and has managed to get listing support from major crypto exchanges. Currently, the market cap of meme coin has approached $1 billion. Still 2,616 on CoinMarketCap. ranked PEPE is making a name for itself as a major competitor for existing popular meme coins like Shiba Inu (SHIB).
You can follow the current price action here.