PEPE whale times the market to perfection, netting $30k in extremely short period
Amid this market downturn, whale found a perfect buying opportunity in Pepe (PEPE) and purchased nearly 120 billion tokens.
A cryptocurrency “whale” was able to shake up the world of meme tokens last week by making quick and profitable trades. The whale took advantage of recent price movements, indicating how volatile these tokens can be.
According to data from Lookonchain, a whale purchased 420 billion PEPE tokens ($3.13 million) on the 5th and 12th of August. This strategic accumulation happened around PEPE’s latest market bottom.
However, only about 30 minutes before press time, that same whale sold off all its holdings. Incredibly, this quick flip resulted in a net gain of $30k during an extremely short period.
According to Coinglass’ Long/Short Ratio, there had been increasing negative sentiment toward PEPE. The memecoin recorded a low reading of 0.9747 on the 14th of August, indicating more shorts traders than longs at press time.
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