Home | Crypto News | Ethereum Whales Invest Millions In Meme Coin Pepe Amid Recent Surge, On-Chain Analysis Shows

Ethereum Whales Invest Millions In Meme Coin Pepe Amid Recent Surge, On-Chain Analysis Shows

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eth whale

Large Ethereum investors have reportedly entered the recent meme coin craze, with millions of dollars worth of ETH investments in Pepe (PEPE). The coin’s value has surged by more than 5,000% in recent weeks.

Blockchain tracking service Lookonchain reports that an Ethereum whale used Wrapped Bitcoin (WBTC) and ETH to spend around $3 million on PEPE.

In the past two days, a significant purchase of 962.3 billion PEPE (currently valued at $2.46 million) was made by an individual investor, who acquired the tokens using 70 WBTC ($2.07 million) and 470 ETH ($937,000). The average buying price was reported to be $0.000003122. However, at the current price, the investor is estimated to have incurred a loss of around $541,000.

Lookonchain has identified another individual or group that is even bold and currently possesses $14.4 million worth of PEPE.

Lookonchain observed multiple wallets throughout the ascent of PEPE, including one address that gambled on numerous meme coins, turning modest sums into large sums of money.

According to a tweet by Lookonchain, a SmartMoney investor purchased four trillion PEPE six hours after the coin was listed for a cost of 2.1 ETH ($4,410) and made a profit of approximately $1.71 million. 

The investor also traded other meme coins. Instead of selling all the PEPE coins after each surge in price, the SmartMoney investor sold a portion of them. Currently, the individual in question holds 700 billion PEPE which is worth $808,000 after they sold 3.27 trillion PEPE for $906,000.

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