A Crypto Whale has made headlines in the cryptocurrency world after purchasing $3.13 million worth of PEPE coins amid market turmoil. The investor, identified by the wallet address cookislandstrust.eth, began accumulating PEPE coins last week during a significant market dip that saw Bitcoin and Ethereum prices decline to $49,000 and $2,000, respectively.
According to data from the on-chain analysis platform Lookonchain, the whale made an initial purchase of PEPE coins on August 5, followed by another tranche of purchases, bringing his total investment in the token to approximately $3.2 million. Despite the market volatility, the whale is currently in profit, with a paper gain of $170,000 as of Monday, August 12.
In addition to his PEPE investments, the whale also acquired other cryptocurrencies, including Ether (ETH), on the same day as the PEPE purchase. The investor spent $7.05 million worth of the USDT stablecoin to buy 2,978 ETH, which has generated a profit of $534,000 so far.
The crypto industry is witnessing a trend of investors capitalizing on market opportunities during times of volatility. Another whale recently made an unrealized profit of nearly $8 million after investing $99 million to purchase Ether. This whale has been accumulating Ether since May 2024, with the most recent tranche acquired over the weekend.
Furthermore, another whale cashed out big from his PEPE investments, making a profit of $5.06 million from an initial investment of $3.4 million. This whale is known for handling substantial amounts of tokens and has been actively trading in the cryptocurrency market.
Overall, these recent moves by crypto whales highlight the ongoing activity and interest in the market, with investors strategically positioning themselves to maximize gains during market fluctuations. As the industry continues to evolve, it will be interesting to see how these large-scale transactions impact the overall market dynamics and investor sentiment.