Astute Whale Nets $3.5 Million from PEPE, Invests in Altcoins

On February 29, an unidentified crypto investor sold all 1.97 trillion PEPE accumulated on Binance for $6.07 million, netting a profit of $3.49 million. This was highlighted by Lookonchain. 

A smart whale deposited all 1.97T $PEPE($6.07M) to #Binance and made a profit of $3.49M.

Then he changed his position from $PEPE to $SHIB, withdrawing 75.9B $SHIB($893K) from #Binance 3 hours ago.https://t.co/X67O2VjR1y pic.twitter.com/nL7rRDZCXT

— Lookonchain (@lookonchain) February 29, 2024

Subsequently, according to on-chain data, the investor acquired 75.9 billion SHIB valued at $893,000. 

On March 1, analysts observed that the whale further purchased 1.6 million MANA (~$1.07 million), 2.43 million SAND (~$1.48 million), and 36.88 million GALA (~$1.46 million).

A smart whale changed his position from $PEPE to $SHIB, $MANA, $SAND, and $GALA.

The whale sold all 1.97T $PEPE($6.07M) and made a profit of $3.49M.

Then bought 75.9B $SHIB($893K), 1.6M $MANA($1.07M), 2.43M $SAND($1.48M) and 36.88M $GALA($1.46M).https://t.co/TsQgABvjIt pic.twitter.com/PbWGVtOVOZ

— Lookonchain (@lookonchain) March 1, 2024

Thus, the investor rebalanced their portfolio. Lookonchain has labeled the whale’s wallet as “smart,” indicating that most trades from this address are profitable. 

All the cryptocurrencies chosen by the investor are showing positive trends:

• meme coin Shiba Inu (SHIB) — trading at $0.00001416, having gained 48% over the week;
• metaverse coin Decentraland (MANA) — $0.66 (+52%);
• metaverse token The Sandbox (SAND) — $0.65 (+31%);
• blockchain gaming platform asset Gala (GALA) — $0.04 (+41%).

Previously, the market capitalization of the meme coin dogwifhat (WIF) on the Solana platform reached $955 million. The asset surged nearly 30% after being inadvertently “endorsed” by Los Angeles Lakers forward LeBron James.

Earlier, on February 24, crypto blogger Ben Armstrong, known for his YouTube channel Bitboy Crypto, fought a match against a developer nicknamed More Light. The event led to a 50% and 55% rise in the meme tokens BITCOIN and BEN, respectively.