Pepe Whale Investor Becomes Millionaire In Less Than 6 Months, Makes 10x Profit

A whale investor struck gold by selling their Pepe Coin PEPE/USD at 976% profit after holding for nearly six months.

What Happened: According to on-chain tracking platform Lookonchain, the wealthy trader transferred a staggering 365.96 billion PEPE tokens, worth $5.3 million, to the cryptocurrency exchange Binance on Monday.  

The investor had withdrawn this amount in December last year when the total stash was worth $494,000. This means that he profited by nearly $4.8 million in less than six months, representing a massive 10X return.

Why It Matters: This profit-taking occurs as the frog-themed token continues to make strong advances in the year. 

Pepe exploded more than 14X on a year-to-date basis. The Ethereum ETH/USD-based memecoin was also one of the best market performers in the last month, with gains of more than 62%.

However, of late, the cryptocurrency has been witnessing corrective action. In the last 24 hours, PEPE's large transactions volume plunged 27%, according to data from intoTheBlock. 

That said, the balance in long-term holders' addresses rose by 0.09%, signaling that market participants were accumulating and bullish on the coin's near-term prospects.

Price Action: At the time of writing, PEPE  was exchanging hands at $0.00001421, sinking 7% in the last 24 hours, according to data from Benzinga Pro.

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