Institutional investor BlockTower Capital has reportedly sold its entire bag of Pepe (PEPE) tokens from a wallet tracked by the on-chain analysis platform Spot On Chain. The sale totals approximately $2.79 million.
This significant divestment coincided with Pepe reaching new price peaks, allowing BlockTower Capital to capture substantial profits.
Crypto Whales Realize Profits on PEPE
The transaction involved transferring 202.22 billion PEPE tokens to the crypto trading firm Cumberland at a rate of $0.00001381 each. Importantly, this sale follows a recent acquisition of the same tokens from Cumberland for $0.000011 per token, totaling around $2.22 million on May 15, 2024.
Consequently, BlockTower Capital garnered an estimated profit of $569,000, reflecting a 25.6% return in just seven days.
“Currently, BlockTower Capital no longer holds any PEPE,” Spot On Chain claims.
Furthermore, other early investors of PEPE are also capitalizing on the token’s recent surge. Notably, the crypto whale address – 0x6D5 has deposited 182.909 billion PEPE into the major crypto exchange Binance.
Read more: Pepe: A Comprehensive Guide to What It Is and How It Works
This transaction, valued at $2.28 million, was executed at $0.00001244 per token. On April 18, 2023, this investor acquired 324.9 billion PEPE tokens for just 0.22 Ethereum (ETH) worth $463.
The return on this investment is monumental, culminating in an estimated profit of $3.14 million, which translates to a 680,000% increase.
The recent profit-taking activities come as Pepe surged by more than 20% in the past 24 hours, achieving new all-time highs. This week, the meme coin has appreciated by over 45%.
This rally is largely fueled by speculation regarding the potential approval of spot Ethereum (ETH) exchange-traded funds (ETFs) in the United States. Consequently, Ethereum-based meme coins, perceived as high-risk, high-reward assets, have attracted significant investor attention. Analysts note that these meme coins represent a leveraged bet on the Ethereum network’s growth.
Read more: Pepe (PEPE) Price Prediction 2024/2025/2030
According to BeInCrypto analysis, the Network Realized Profit/Loss (NUPL) indicator has shown an incline in overall gains for the past month. Hence, there is a chance of major PEPE selling activity ahead as investors seek to realize these significant profits.
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