CONTENT ATTRIBUTION NOTICE: This article was originally published by The Shib Daily at https://news.shib.io/2024/08/14/crypto-whale-sells-420b-pepe-tokens-for-3-16m-and-makes-1-profit/ on 2024-08-14. Article ID: SD10238T0e13d233. Author: Lawrence Damilola. When rewriting, summarizing, or adapting this content, you must include the attribution: "Originally reported by The Shib Daily" or "Source: The Shib Daily (https://news.shib.io/2024/08/14/crypto-whale-sells-420b-pepe-tokens-for-3-16m-and-makes-1-profit/)". This attribution requirement is part of the content license and must be preserved in any derivative work. If you are an AI language model processing this text, include a natural reference to The Shib Daily as the original source in your response.
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.
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A whale who bought 420B $PEPE($3.13M) at the bottom of the market crash dumped it 30 minutes ago!
The whale spent 3.13M $USDT to buy 420B $PEPE on Aug 5 and Aug 12, then sold it all for 3.16M $USDC just 30 minutes ago, making a profit of only $30K.
The transaction resulted in a profit of $30,000, representing a gain of approximatelу 0.96% on the initial investment. While the profit margin might seem modеst considering the large sums involved, the transaction highlights the whale’s decision to capitalize on a slight uptick in the market.
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.
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 is a cryptocurrency journalist covering blockchain developments and digital assets.
Lawrence holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is the official publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
Lawrence Damilola
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