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Crypto whale tracker and analytics account on X @lookonchain spread the word about a mysterious cryptocurrency whale, a “diamond hand” one, who disposed of a massive PEPE chunk several hours ago.
That whale had held those PEPE coins for almost a year and has now made a massive return on his investment into this meme coin.
Selling billions of PEPE with huge ROI
The aforementioned PEPE diamond hand transferred 170.2 billion of these hyped meme coins to a cryptocurrency exchange where he sold them, earning $1.77 million. The ROI on this investment was a whopping 886%, according to the tweet.
@Lookonchain shared that at the end of October last year, this trader purchased the 107.2 billion PEPE, spending 200,000 USDC on that purchase. He held it until today.
PEPE coin plummets 11%
Over the last 24 hours, the hyped meme cryptocurrency PEPE has seen a striking decline, losing almost 12% after a 10.76% increase on Wednesday. By now, PEPE has lost the $0.00001293 price mark and crashed to hit $0.00001141.
PEPE emerged out of the blue in April last year, created by a team of anonymous developers. Unlike other popular meme coins, this one was inspired not by Shiba Inu dogs but by Pepe the Frog, a meme popular on the internet.
Yuri MolchanPEPE's utility remains at zero
Many pointed out that PEPE had zero utility and still has none. However, the meme coin seems to have a high appeal among short-term investors and traders as they continue to actively buy it and then sell PEPE after holding it for a while.
No updates have been made to PEPE, unlike other popular meme cryptocurrencies, such as Dogecoin, Shiba Inu, Floki or BabyDoge, since its anonymous team stopped working on PEPE after launching it on the market last year. Therefore, it remains a speculative investment tool for many cryptocurrency traders.
Denys Serhiichuk