PEPE Token Whale Sells $1.77 Million Worth, Rakes in 886% Profit

• A PEPE whale who purchased the meme coin for $200k in October last year is reported by Lookonchain to have made a profit of $1.77 million after selling $1.97 million worth of the asset.
• According to the analytical platform, most Pepe addresses are profitable, especially those who purchased above the $0.000010 price mark. 

Pepe (PEPE) Whale liquidates assets, making an 886% profit from his initial investment of $200k deposited in October last year. According to the information disclosed by the crypto surveillance platform Lookonchain, the whale sold around 170.2 billion of the tokens for $1.97 million USDC. Fascinatingly, two major whales also moved $25.95 million in Shiba Inu and PEPE to Binance in June. 

As reported, one whale moved 1.088 trillion SHIB ($18.12 million) with another offloading 700 billion PEPE ($7.83 million) and still holding 800 billion PEPE ($9.22 million). In a different report, a whale who purchased a 660.7 billion PEPE ($9.52 million) also made a $5 million profit on Binance, underscoring the value proposition of the meme coin. 

The price of $PEPE has fallen nearly 20% from its peak. 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%.

Lookonchain data also discloses that a significant number of PEPE addresses currently remain in profit, especially investors who acquired above the $0.000010 price mark. Amid the backdrop of the ongoing whale activities, PEPE remains 0.7% down in the last 24 hours and 6.8% down in the last 30 days, trading at $0.00001179. 

What the PEPE Movements Mean

According to analysts, these movements represent a strategic exit to capitalize on the recent price stability or the possibility of reassessing their investment strategy.

However, the overall market sentiment remains positive as several investors hold their assets in anticipation of a possible resurgence. According to crypto expert World Of Charts, the meme coin has the potential to surge by 20-30% this week following its recent formation of a positive pennant. 

Specifically, the bullish pennant is mostly constituted of converging trendlines following a significant price surge. Technically, PEPE is trading above the 50 EMA ($0.000011) and 100 EMA ($0.00001029). However, there is severe resistance at the $0.00001288 mark. With this, analysts believe that the asset could leap to an all-time high once it breaches this point. However, failure to rise above this point could see PEPE falling to $0.00000842. 

Within the meme ecosystem, Dogecoin (DOGE) has retained its dominance with a market cap of $18.7 billion, rising by 4% in the last 24 hours, 8% in the last seven days, and 3% in the last 30 days, pushing the price to $0.19. Shiba Inu also retains its position above PEPE with a market cap of $9 billion and a current price of $0.00001678.

With a market cap of $4 billion, PEPE remains the 3rd largest meme coin, right ahead of Dogwifhat (WIF), which has a market cap of $2.6 billion. According to analysts, the asset has the potential to outrun Shiba Inu in the long run and target Dogecoin for the pole position.