Bitcoin‘s leading rise continues to witness notable increases in the cryptocurrency market, with many altcoins experiencing significant gains. The king of altcoins, Ethereum (ETH), has shown an increase of over 4.5% in the past 24 hours, surpassing the $2,250 mark. Notably, there is significant movement among memecoins. Pepe (PEPE), a strong player in the memecoin market, has also experienced a significant price increase. Chain data indicates that two major crypto whales made spot transactions just before the recent price increase of PEPE.
Prior to the price increase, a wallet address purchased 495.5 billion PEPE from Binance at an average price of $0.0000001221. This crypto whale currently holds 1.97 trillion PEPE, resulting in an unrealized profit of approximately $240,000 from this $2.82 million investment.
Unrealized profit refers to the increase in value of a coin or token over time, indicating that the investor has not sold the coin or token to take advantage of this value increase. Therefore, unrealized profit remains only on paper and is not considered realized until the investor converts it into cash.
According to Spot On Chain’s report, the second significant PEPE transaction involved transferring 990.8 billion PEPE to Gate.io exchange, with a total value of $1.406 million at an average price of $0.0000001419. It is estimated that this transaction resulted in a profit of approximately $232,000 for the whale.
In the past 24 hours, PEPE has experienced a rise of over 20% reaching $0.000001478, but at the time of writing this article, it saw a slight decline to $0.000001289. This decline erased approximately 11% of the coin’s gains during the day. Meanwhile, PEPE’s trading volume skyrocketed, reaching $328.92 million, an increase of over 194% in the past 24 hours.