(Wednesday 14 August 2024, 03:25 PM GMT):
The cryptocurrency market has been on a rollercoaster this August, with significant price swings keeping investors on their toes. Bitcoin (BTC), for example, took a sharp dive from its high of $70,000 on August 5th, dropping to $49,000 before making a partial recovery to stabilize around the $60,000 mark.
Amidst this volatility, one major PEPE token holder—commonly known as a whale—decided to cash out. According to data from Lookonchain, this whale offloaded 420 billion PEPE tokens just an hour ago, netting around $3.13 million from the sale. Interestingly, this whale had acquired these tokens in two separate purchases on August 5th and 12th, investing a total of 3.13 million USDT.
A whale who bought 420B $PEPE($3.13M) at the bottom of the market crash dumped it 30 minutes ago!
— Lookonchain (@lookonchain) August 14, 2024
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.
Address:… pic.twitter.com/ysFCDjHVOm
Despite the massive transaction size, the whale only made a modest profit of $30,000 from the sale. This decision to sell might have been influenced by the recent market fluctuations, as the ongoing volatility could have created uncertainty about the token’s future performance.
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