PEPE whale has raised about 5 million dollars in investment in one month

A whale or a large MemCoin holder has made nearly $5 million in profits on Pepe Token in just one month. Could Pepe prices continue to rise due to another wave of retail demand?

PEPE whale reaches 5 million dollars per month

The price of PEPE has fallen more than 17% from its all-time high, but smart memecoin Well has earned $4.95 million in one month.

Well has deposited all Pepe holdings into Binance Wallet, according to a May 30 X post on Loonchain, he wrote:

“In the last 10 minutes, a whale has deposited 660.7B$PEPE ($9.52M) bought a month ago into Binance, making ~$4.95M, ROI 52%.”

Following Pepe's transfer of more than $9.5 million to Binance, whale wallet “0x546” is now worth $161,449 in crypto, with more than 96% of its holdings in Compound (COMP) tokens, according to CoinStats.

After a period of explosive Memcoin gains, there has been a slight decline in investor interest. The total trading volume of memecoins fell more than 21 percent to $10.2 billion in the past 24 hours, from more than $13 billion on May 28, according to CoinMarketCap data.

Despite its lack of intrinsic utility, memecoins can often create millionaires due to their dynamic nature. In late May, another savvy trader made a $2.7 million profit in three days on the Donald Trump-themed MAGA (TRUMP) meme token.

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Can Pepe's price continue to rise?

According to TradingView, Pepe's price fell more than 4.4% in the 24 hours to 1:45 PM UTC, to trade at $0.00001437. The token is down more than 17% from its all-time high.

Pepe's price hit a new all-time high three days ago on May 27. However, Pepe's Fractals hint at a 40% price correction if the price chart repeats the pattern from January 2024.

However, Peep's recent correction could signal the start of a new trading cycle that could help Peep's market capitalization reach over $10 billion, crypto analyst Davey Satoshi wrote in a May 30 X post:

“Typically wave 4 will be a triangle pattern and correct 23-30%…this may be the pattern we are seeing until the main wave 5 starts which will take us to $10b and beyond!”

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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.