Whale Banks $3.49M from PEPE, Moves Major Stake into SHIB and Other Coins

According to data from blockchain analytics firm Lookonchain, a major whale has sold all 1.97 trillion PEPE tokens they held for a total of $6.07 million, netting a profit of $3.49 million. 

The funds were then redistributed across several other cryptocurrencies, including Shiba Inu (SHIB), Decentraland (MANA), The Sandbox (SAND), and Gala (GALA).

A strategic portfolio rebalance

The whale's reallocation strategy appears meticulously calculated, with purchases spread across a spectrum of emerging and established digital currencies. 

Specifically, the investor acquired 75.9 billion SHIB tokens for $893,000, 1.6 million MANA tokens valued at $1.07 million, 2.43 million SAND tokens for $1.48 million, and 36.88 million GALA tokens at a cost of $1.46 million. 

Related

Fri, 03/01/2024 - 05:28

Mike Novogratz Sees Bitcoin (BTC) Dropping to $55K

Alex Dovbnya

This move is typical for large-scale investors to spread their bets across a variety of assets within the crypto space. In such a way, they can capitalize on the unique opportunities each coin may present.

This reallocation shows the investor's approach to spreading investments across different cryptocurrency categories, from meme coins (which capitalize on social media trends and community support) to tokens that underpin virtual worlds and decentralized gaming ecosystems. 

SHIB sees a dramatic drop

The cryptocurrencies selected by the whale have shown mixed performance in the market. PEPE, from which the original funds were divested, has seen a 3.6% increase in price, trading at $0.052738.

SHIB, now a significant part of the whale's portfolio, has experienced an 11.3% decline, with its price standing at $0.00001277.

MANA and SAND, central to the virtual real estate and gaming sectors of the crypto world, have surged by 12.7% and 8.8%, respectively, showcasing the investor's focus on sectors with high growth potential. 

GALA, another gaming-related token, has increased by 4.4%, underscoring the investor's diversified approach towards both established and emerging market segments within the cryptocurrency ecosystem.