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PEPE Whale Exits After Making Over 54,000x Gain And $1.73 Million In Profit
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PEPE Whale Exits After Making Over 54,000x Gain And $1.73 Million In Profit

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
PEPE Whale Exits Makes Huge Profit

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One of PEPE’s early adopters is officially out after making over $1.7 million in profit, translating to a 54,725x gain in less than six months. In a tweet shared by Lookonchain on August 26, the meme coin trader bought 1.69 trillion tokens, spending roughly $36, minutes after the project was launched in late April 2023. However, by the time the trader exited, less than six months later, selling off all his tokens, he had realized a decent gain, raking in 1,001 ETH, or roughly $1.7 million at spot rates.

PEPE Whale Exits

Trackers reveal that the trader first sold 0.69 trillion before fully exiting and liquidating 1 trillion PEPE on August 26, pocketing $885,000 or 537 ETH, pushing his total haul to 1,001 ETH. Considering the pseudonymous nature of Ethereum from where PEPE started trading through Uniswap v3, the trader’s identity cannot be ascertained.

PEPE is one of the more successful meme coin projects in 2023. The token’s meteoritic rise–and crash–over the past couple of months illustrates its volatility. For the project’s early success and popularity, because of traders buying in and aiming to ride the trend mainly because of fear of missing out (FOMO), PEPE ended up being listed on several cryptocurrency exchanges, with support by Binance being the highlight.

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Less than a week after being listed on Binance, PEPE soared 800% in early May before gradually falling as sentiment turned negative and holders began exiting, taking profits. The token peaked at $0.0000044839 and have since crashed 81% to $0.0000008674 as of August 26. This price level is an important reaction point marking June 2023 lows and is a primary support level. If bears press on, PEPE may fall to retest $0.0000004984, the opening price when the token began trading when it was listed on Binance on May 1.

PEPE price on August 26| Source: PEPEUSDT on Binance, TradingView
PEPE price on August 26| Source: PEPEUSDT on Binance, TradingView

Meme Coin Trending, Team Transfers Tokens

While PEPE is a top-trending token on CoinMarketCap, a tracker owned by Binance, at the time of writing August 26, the whale opted to exit via Uniswap v3. Uniswap is a decentralized exchange (DEX) for trading multiple tokens, primarily those on Ethereum. It is the second last iteration of the DEX and uses concentrated liquidity. PEPE is also available on Uniswap v2, but most trading is concentrated on Binance and KuCoin, two of the world’s leading centralized cryptocurrency exchanges.

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On August 25, the team transferred 16.045 trillion tokens (worth $16.85 million) from their multisig address to four exchanges, including Binance, leaving out only 10.697 trillion PEPE. The transfer also coincided with the multisig parameter changes. Only two signatories will be required to effect a transfer, down from five out of eight.

Featured image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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