Lawrence Damilola
A crypto whale recently sold 420 billion $PEPE tokens. This sale occurred just after the investor had acquired the tokens during a market downturn earlier this month.
According to a report by Lookonchain, the whale purchased 420 billion $PEPE tokens on two occasions—Aug. 5 and Aug. 12—spending a total of $3.13 million in $USDT (Tether), a stablecoin tied to the value of the U.S. dollar. A couple of hours ago, the whale sold the entire batch of $PEPE tokens for $3.16 million in $USDC (USD coin), another stablecoin.
The transaction resulted in a profit of $30,000, representing a gain of approximately 0.96% on the initial investment. While the profit margin might seem modest considering the large sums involved, the transaction highlights the whale’s decision to capitalize on a slight uptick in the market.
Related: Strategy Sells $1.4B in Stock to Cover Bills Amid Bitcoin Slump
In the crypto space, “whales” are individuals or groups of people who hold large amounts of a particular cryptocurrency. Because of the sheer volume of their transactions, their actions—whether buying or selling—can have a major impact on the market.
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Last week, The Shib Daily reported whale activity on the Shiba Inu network had surged dramatically, with a staggering 9 trillion SHIB tokens exchanged in a single day.
LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
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