Meme Coin Whales on the Move: Stacking Up on PEPE, Dumping WIF

TL:DR;

• Whales continue to make big moves in the cryptocurrency market, and some keep accumulating PEPE.
• At the same time, others have decided to possibly part with WIF holdings and secure substantial profits.

Lookonchain data has repeatedly outlined the growing demand from large investors toward the third-largest meme coin – PEPE. The latest substantial acquisition came hours ago as two wallets, perhaps belonging to the same entity, spent almost $5 million in USDC to accumulate over 190 billion PEPE.

This came amid the asset’s price rally that pushed it beyond $0.000026 for the first time ever on Saturday evening.

Whales are buying $PEPE!

2 wallets (likely belonging to the same whale) spent 4.89M $USDC to buy 190.14B $PEPE at an average price of $0.00002572 in the last 6 hours!

Address:
0xcb1f2b9562a7a4e2029db54d504dfe4b1e46b7dc
0xb721c74a0a1c97187146d1fe7df94a9d8752481d pic.twitter.com/LomPm6rg4F

— Lookonchain (@lookonchain) December 8, 2024

Whales have been on a buying spree in the past few months, which only accelerated after the US elections as the self-proclaimed ‘pro-crypto’ choice – Donald Trump, secured a landslide win.

However, another large investor has showcased a different attitude toward another popular meme coin, WIF. More Lookonchain data indicated that they deposited $9.5 million worth of the asset to Coinbase, perhaps to offload the fortune.

In case they indeed sell the tokens, they will realize a net profit of around $8.5 million as they accumulated the stash nearly a year ago.

A whale deposited 2.78M $WIF($9.5M) to #Coinbase 12 hours ago.

This whale spent 9,300 $SOL($1.02M at that time) to buy 2.78M $WIF 10 months ago, with a profit of $8.48M!https://t.co/8eukHbOQtL pic.twitter.com/hkoJe6PoK8

— Lookonchain (@lookonchain) December 7, 2024