Whales Earn Millions from Meme Coin PEPE Surge

On November 14, a major holder of the meme token Pepe (PEPE) transferred 500 billion coins ($11.38 million) to Coinbase, drawing attention from analysts at Lookonchain.

“Between May 6 and September 10, 2023, a trader spent 1173 ETH ($2.04 million) to acquire 2 trillion PEPE. The trader still holds 1.6 trillion PEPE, valued at $36 million, with total profits exceeding $45 million,” analysts reported.

Another large holder continues accumulating the meme coin, withdrawing 97.39 billion PEPE ($4.8 million) from Binance just hours ago.

Not All Holders Are Fortunate

One user, who spent 0.013 ETH ($26) in April 2023 to purchase 2.52 trillion PEPE—now worth $61.5 million—has been blacklisted by PEPE’s developers, preventing the sale of these tokens.

PEPE’s Meteoric Rise

As of writing, PEPE’s price has surged by 80% in 24 hours, reaching $0.00002335 with a market capitalization of $9.8 billion.

The sharp price increase was fueled by news of PEPE’s listing on major cryptocurrency platforms, including Robinhood and Coinbase.