Cryptocurrency prices often fluctuate, and during such times, the actions of large investors, known as whales, garner significant attention. Recently, an instance of this was observed with Ethereum and PEPE, especially throughout June and July. A notable whale appears to have focused on acquiring these two digital assets.
Ethereum Whale’s Strategic Purchases
A major cryptocurrency investor utilized the market downturn last weekend to accumulate more Ethereum (ETH). This whale managed to buy ETH worth tens of millions of dollars, grabbing the market’s attention in the process. According to blockchain tracking firm Lookonchain, an Ethereum address starting with “0x78D07” acquired $4.7 million worth of ETH on Friday, increasing its total ETH holdings to over $100 million.
The whale’s activities were further detailed by Lookonchain, reporting that since May 24, the investor has amassed 37,800 ETH at an average purchase price of $2,420, resulting in an unrealized profit of $7.5 million. Moreover, this so-called “intelligent money” whale, known for its profitability, has accumulated ETH worth $70 million since the end of May.
Why Did the Whale Buy PEPE?
While Ethereum purchases were prominent, Lookonchain revealed that another significant investor also profited from a memecoin tied to ETH. This whale capitalized on the market decline by selling its remaining PEPE holdings, securing a substantial profit.
The whale deposited 395.92 billion PEPE, equivalent to $3.4 million, into Binance recently. This move resulted in a total profit of $5.06 million, marking a 199% gain from PEPE.
As the article stands, PEPE is trading at $0.000008209 after experiencing a 4% drop during the day.
Key Insights
– Whales often utilize market downturns to amass significant holdings.
– A single whale accumulated over $100 million worth of Ethereum.
– Ethereum purchases by this whale were made at an average price of $2,420.
– The whale secured an unrealized profit of $7.5 million.
– PEPE memecoin also attracted significant whale activity and profits.
These insights underscore the strategic moves made by large investors during market fluctuations, often resulting in significant profits.