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Top Whale Loses $30 Million in SUSHI to Buy 1.9 Trillion PEPE as Pepe up 23.5%

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Mon, 23/10/2023 - 12:41
Top Whale Loses $30 Million in SUSHI to Buy 1.9 Trillion PEPE as Pepe up 23.5%
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According to a recent X post published by "Smart Money" tracker @lookonchain, an anonymous whale decided to stock up on the trendy meme coin PEPE, so he grabbed nearly two trillion of it.

Lookonchain specified that this is @9x9x9eth with an audience of over 100,000 followers on the X social media app. This whale has been a long-term SushiSwap (SUSHI) holder, and over the past two years, he has spent more than $10 million worth of Ethereum to buy SUSHI when it cost slightly under $10 per coin.

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Whale loses $30 million on SUSHI, buys PEPE

According to the X post, the whale 9x9x9 swapped all of his SUSHI positions for PEPE. Therefore, he dumped 2.36 million SUSHI (worth approximately $1.34 million), getting $0.57 for each SUSHI coin, on average.

Then he bought 1.89 trillion PEPE, spending 851 ETH on that meme coin stash, which was worth $1.42 million.

This whale "lost a total of ~$30M in $SUSHI including all CEX buys," Lookonchain concluded.

The same whale unstaked 2.46 trillion SUSHI worth $2.12 million on June 4. Overall, an earlier tweet of Lookonchain states, in 2021 and 2022 the same whale bought 1.28 million SUSHI coins on Binance (paying $9.6 million on them) and then spent 3,160 ETH (worth $11.04 million) to acquire 900,000 SUSHI, which cost roughly $9.46 back then.

In August, as covered by U.Today, a whale sold a massive amount of PEPE at a loss – 762 billion of these frog-themed coins. During that particular week, many whales were selling PEPE to lose money.

SUSHI saw an all-time high of $23.38 on March 14, 2021, and it is currently trading 97.55% below it, changing hands at the $0.5778 level, according to data from CoinMarketCap.

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PEPE surges 23.5% over weekend

From Friday, Oct. 20, to today, the Pepe coin showed an amazing jump of 23.5%, soaring from $0.0000006249 to the $0.0000007720 level. However, a slight decline followed, taking the trendy meme coin down 3.60%.

At the time of this writing, PEPE is going at $0.0000007454 on the OKX exchange.

PEPE was launched in April this year by an anonymous team of developers, who were inspired not by a Shiba Inu dog, unlike other meme coin creators, but by memes about Pepe the Frog, popular on the Internet. 

The coin went viral and scored listings on many popular exchanges, including Binance, which added it to its Innovation Zone. PEPE price jumped to an all-time high of $0.000004354 in early May. 

Many experts believe that PEPE was created with no utility purposes, and unlike, with SHIB, DOGE or BabyDoge, no further products have followed from the PEPE team. SHIB has launched a Layer-2 blockchain Shibarium in the middle of August.

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