KEYTAKEAWAYS
- Crypto whale invests $3.13M in PEPE tokens during market dip
- Investor also acquires ETH, generating $534,000 in paper gains
CONTENT
In a bold move during recent market turbulence, a prominent crypto investor has significantly increased their holdings in the meme coin PEPE, while also diversifying into other cryptocurrencies like Ethereum (ETH).
In the midst of a bearish crypto market phase, some investors are seizing the opportunity to bolster their portfolios, anticipating future gains when the market rebounds. One such investor, identified by the wallet address cookislandstrust.eth, has made significant moves in the meme coin space, particularly with Pepe coins (PEPE).
A whale named “cookislandstrust.eth” is trying to buy $PEPE at dip again!
In the past 7 days, the whale has spent a total of 3.13M $USDT to buy 420B $PEPE on 2 occasions, including the big dump on Aug 5 and 2 hours ago, now making $170K (+5.4%).
The whale also spent 7.05M $USDT… pic.twitter.com/QVnbW5AGYz
— Spot On Chain (@spotonchain) August 12, 2024
According to data from the on-chain analysis platform Lookonchain, this crypto whale initiated a substantial accumulation of PEPE tokens last week. The investor’s first purchase occurred on August 5, coinciding with a market dip that saw Bitcoin and Ethereum prices fall to $49,000 and $2,000 respectively.
The whale continued their investment strategy, making additional PEPE purchases that brought their total investment to approximately $3.2 million. This aggressive buying spree has already shown promising results, with Lookonchain reporting that as of Monday, August 12, the investor had realized paper gains of $170,000.
Notably, the whale’s investment strategy extends beyond PEPE. On the same day as their initial PEPE purchase, they also acquired 2,978 ETH, spending $7.05 million worth of USDT stablecoin. This Ethereum investment has proven fruitful, generating a profit of $534,000 thus far.
This whale’s activities reflect a broader trend in the crypto market, where seasoned investors are capitalizing on price dips to accumulate assets. The volatility inherent in cryptocurrency markets often presents such opportunities for those willing to take calculated risks.
While this particular whale has garnered attention for their PEPE and ETH investments, they are not alone in their strategic moves. Lookonchain recently reported on another whale who has accumulated 37,800 ETH ($99M) since May 2024, currently sitting on an unrealized profit of $7.5M.
These large-scale investment activities underscore the ongoing interest in cryptocurrencies despite market fluctuations. As the crypto industry continues to evolve, the actions of these prominent investors often serve as indicators of market sentiment and potential future trends.
>> Also read: Top Memecoins 2024- What You Need to Know
