Ethereum whales are joining the latest memecoin craze by throwing in millions of dollars worth of their ETH into Pepe (PEPE), a coin now up over 5,000% in the last several weeks.
According to blockchain tracker Lookonchain, an Ethereum whale spent nearly $3 million on PEPE using Wrapped Bitcoin (WBTC) and ETH.
“A whale bought 962.3 billion PEPE($2.46 million currently) with 70 WBTC ($2.07 million) and 470 ETH ($937,000) in the past two days, with an average buying price of $0.000003122.
He has lost ~$541,000 at the current price!”
A separate entity spotted by Lookonchain has been even more aggressive, and currently holds $14.4 million worth of PEPE.
“This whale is crazy!
He bought a total of 760.6B $PEPE with 1,128 ETH ($2.17 million) at a price of $0.000002859…
And currently holds 4.56 trillion PEPE ($14.4 million currently).”
During the rise of PEPE, Lookonchain spotted several wallets turning small amounts into fortunes, including one address that tried its luck on many memecoins.
“A SmartMoney bought 4 trillion PEPE at a cost of 2.1 ETH ($4,410) and made approximately $1.71 million!
And this guy also traded a lot of MEME coins.
The SmartMoney discovered PEPE and spent 2.1 ETH ($4,410) to buy four trillion PEPE six hours after PEPE was listed.
After each price surge in PEPE, he sold part of PEPE instead of selling all of them.
He sold a total of 3.27 trillion PEPE for $906,000 and currently holds 700 billion PEPE worth $808,000.”
Generated Image: Midjourney