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Crypto Whale Starts Booking Profit in PEPE: Meme Season Over?

2 mins
Updated by Ryan Boltman
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In Brief

  • Crypto whales profit from Pepe, causing meme coin correction; Floki remains resilient.
  • A whale deposits 196.19 billion PEPE for $1.71 million on Binance, realizing a 453% gain.
  • Despite meme coin downturn, Floki's total value locked hits a record $756 million.
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Meme coins have recently faced a significant correction as crypto whales book the profit. However, Floki has emerged as an outlier, demonstrating remarkable resilience.

Unlike its counterparts, this meme coin has maintained its value, even appreciating against the odds.

Meme Coins Form Local Top

The crypto whale, operating under the wallet address 0xe58, has strategically deposited 196.19 billion Pepe (PEPE) tokens, valued at about $1.71 million, into the crypto exchange – Binance.

According to Spot On Chain, originally, the crypto whale acquired 1.196 trillion PEPE tokens at a cost of $0.000001571 each, spending an estimated $1.88 million between February 25 and March 1, 2024. Following a significant increase in PEPE’s value, the recent deposit has led to a profit realization of $1.40 million, a 453% gain. Moreover, the crypto whale still holds 1 trillion PEPE meme coins, equating to an additional $6.98 million in unrealized profits.

However, the broader meme coin market seems to be experiencing a downturn. PEPE’s value has decreased by 15% from its recent peak. Similarly, Dogwifhat (WIF), Dogecoin (DOGE), and Bonk (BONK) have also significantly declined. The total market capitalization for meme coins has fallen by 6% in the last 24 hours, starkly contrasting the previous bullish trend.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Meme Coin Market Capitalization
Meme Coin Market Capitalization. Source: CoinMarketCap

In contrast, Floki (FLOKI) presents a different narrative. It has maintained its value, achieving a new record in total value locked (TVL) at $756 million across Floki Staking and FlokiFi Locker. This figure surpasses the combined TVL of its competitors.

In addition, Floki has recently burned $3.2 million worth of tokens, aiming toward the deflationary model and utility-focused growth.

“A week after we announced that $1.12 million in FLOKI tokens was burned due to strong utility demand, an additional 14,571,444,483 FLOKI tokens, worth $3,249,432 at the time of writing this, was burnt in the past week alone through strong demand in Floki’s utility products, making Floki perpetually deflationary,” Floki announced.

Read more: Shiba Inu Burn Rate Explained: Understanding Token Burning

In addition, institutional support has been crucial for Floki. DWF Labs investments totaling $15 million, signify strong institutional backing. These financial injections signify the institutional attention captured by meme coins.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...