Whales Reap Millions from PEPE Meme Coin Surge

On November 14, a major holder of the meme token Pepe (PEPE) transferred 500 billion coins ($11.38 million) to the Coinbase exchange. Analysts at Lookonchain noted this transaction. 

A giant whale deposited 500B $PEPE($11.38M) into #Coinbase to take profits!

This whale spent 1,173 $ETH($2.04M) to buy 2T $PEPE from May 6 to September 10, 2023, and currently has 1.5T $PEPE($36M) left.

The total profit exceeds $45M!https://t.co/a5VL68Yja8 pic.twitter.com/VPhEC7yiAW

— Lookonchain (@lookonchain) November 14, 2024

According to their data, the trader spent a total of 1,173 ETH ($2.04 million) from May 6 to September 10, 2023, to purchase 2 trillion PEPE. 

Currently, their account holds 1.6 trillion PEPE ($36 million). The total profit has exceeded $45 million.

Another user continues to accumulate the meme token on their exchange addresses. A few hours ago, they withdrew 97.39 billion PEPE ($4.8 million) from Binance.

Whales continued to accumulate $PEPE after #Coinbase and #Robinhood announced the listing of $PEPE.

6 hours ago, whale “0x160f…Ab5B” withdrew 197.39B $PEPE($4.8M) from #Binance.https://t.co/DdOouBzeY5https://t.co/jDudCti1dh pic.twitter.com/gh5QVglzMP

— Lookonchain (@lookonchain) November 14, 2024

A third asset holder was not as fortunate. In April 2023, they spent 0.013 ETH ($26) to acquire 2.52 trillion PEPE. Currently, their value stands at $61.5 million. However, PEPE developers have blacklisted the user’s address, preventing them from selling their coins. 

This #MEME sniper spent just 0.013 $ETH($26) to buy 2.52T $PEPE, which is now worth $61.5M!

However, the address was blacklisted by the dev, he can’t sell these $PEPE!

Address:
0xaf2358e98683265cbd3a48509123d390ddf54534 pic.twitter.com/36iQWPpV0g

— Lookonchain (@lookonchain) November 14, 2024

At the time of writing, the price of the meme token had surged by 80% in 24 hours, trading at $0.00002335, according to CoinGecko. The coin’s market capitalization is $9.8 billion.

The surge in Pepe (PEPE) was driven by news of its listing on several crypto platforms, including Robinhood and Coinbase.