Coinspeaker
Crypto Whale Buys $3.13M Worth of PEPE amid Market Turmoil
As the crypto industry endures another phase of a bear market, many investors are viewing the decline as a buying opportunity to increase their holdings, with the hope of earning profits when the market recovers. According to data from the on-chain analysis platform Lookonchain, a crypto whale, identified by the wallet address cookislandstrust.eth, began accumulating Pepe coins (PEPE) last week.
On August 5, he purchased an undisclosed amount of the meme coin during the peak of the market dip that saw Bitcoin and Ethereum decline to $49,000 and $2,000, respectively.
Today, the whale acquired another tranche of PEPE, bringing his total investment in the token to approximately $3.2 million.
A Profit in Ethereum Investments
Lookonchain revealed that the whale is currently in profit following a brief market recovery. As of Monday, August 12, the on-chain platform reported that the investor had made a paper gain of $170,000.
In addition to his PEPE investments, the whale also acquired other cryptocurrencies, including Ether (ETH), on August 5, the same day as the PEPE purchase.
He spent $7.05 million worth of the USDT stablecoin to buy 2,978 ETH. So far, the investments have generated a decent profit of $534,000.
The whale is not the only investor in the crypto industry looking to capitalize on market opportunities. Given the volatility of the crypto market, investors are often on the lookout for the right time to enter or exit positions to maximize gains.
Over the weekend, Lookonchain reported that another whale had made an “unrealized” profit of nearly $8 million after investing a total of $99 million to purchase Ether. This whale has been steadily accumulating Ether since May 2024, with the most recent tranche acquired on Saturday.
“A whale bought 1,800 $ETH ($4.7M) again 30 minutes ago! This whale has accumulated 37,800 $ETH ($99M) since May 24, with an average buying price of $2,420, and currently has an unrealized profit of $7.5M,” the company wrote on X.
PEPE Whale Cashes Out Big
Another whale made headlines on Friday when he cashed out from his PEPE investments, making a profit of $5.06 million from an initial investment of $3.4 million. He purchased a total of 395.92 billion PEPE, which he then moved to Binance for sale.
This whale is known for handling substantial amounts of tokens, often running into the millions. Earlier this month, on August 1, the same whale transferred 400 billion different in different cryptocurrencies to Binance, with each digital asset estimated to be valued at around $4.22 million.
That same week, another whale was spotted moving 200 BTC, worth approximately $10.33 million, to Binance.
This whale, known by the pseudonym 3MMB6, had purchased the crypto assets in October last year for a total price of $5.96 million. At the time, the price of Bitcoin was far below the current price of $58,000. The investor is now sitting on a profit of $4 million.
