A whale, or a large memecoin holder, has made a nearly $5 million profit on the Pepe token within a month. Can Pepe's price continue to rise due to another incoming wave of retail interest?
PEPE whale makes nearly $5M in a month
A savvy memecoin Whale made $4.95 million within a month, which is a 52% return on his initial investment, despite Pepe (PEPE) price falling over 17% from its all-time high.
The whale has deposited all his Pepe holdings into a Binance wallet, according to a May 30 X post by Lookonchain, that wrote:
“In the past 10 minutes, a whale deposited all 660.7B $PEPE ($9.52M) bought a month ago into Binance, making ~$4.95M, with an ROI of 52%.”
Following the over $9.5 million Pepe transfer to Binance, the whale’s wallet "0x546" is now only worth $161,449 worth of crypto, with over 96% of the holdings comprised of Compound (COMP) tokens, according to Coinstats.
After a period of explosive memecoin gains, investor interest has seen a small decline. The cumulative trading volume of memecoins fell over 21% in the past 24 hours to $10.2 billion, compared to over $13 billion on May 28, according to CoinMarketCap data.
Despite having no intrinsic utility, memecoins can often create millionaires due to their volatile nature. At the end of May, another savvy trader made a $2.7 million profit in just three days on the Donald Trump-themed MAGA (TRUMP) meme token.
Related: Trader turns $2.2K of SOL into $2.26M in 8 hours with new memecoin
Can Pepe's price continue to climb?
Pepe’s price fell over 4.4% in the 24 hours leading up to 1:45 p.m. in UTC, to trade at $0.00001437, according to TradingView. The token is down over 17% from its all-time high.
Pepe’s price reached a new all-time high on May 27, three days ago. However, Pepe fractals hint at a potential 40% price correction if the price chart repeats the patterns from January 2024.
Nevertheless, Pepe’s current correction could also indicate the formation of a new hype cycle, that could help Pepe’s market capitalization reach over $10 billion, according to pseudonymous crypto analyst Davie Satoshi, who wrote in a May 30 X post:
“Typically, wave 4 tends to be a triangle pattern and corrects about 23-30%...This might be the pattern we are seeing until a major launch for wave 5 which should take us to $10b and higher!”
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
