Discovering The Next PEPE And SHIB: Whales To Keep Track Of
09 May 2023 - 6:30AM
NEWSBTC
Missing out on crypto that becomes the next big thing in crypto can
hurt. To avoid this, popular on-chain analyst LookOnChain has
sorted out prominent whales to keep an eye on and ease the task of
catching the next PEPE. According to the analyst, these whales were
very early to notable meme coins such as Shiba Inu (SHIB).
LookOnChain noted these whales are “smartMoneys that both bought
SHIB and PEPE early and made millions of USD.” Discovering The Next
Memecoin That Could Run 100x In a series of threads, LookOnChain
unveiled three SmartMoney wallet addresses that invested early
before the bull run. Whales are large cryptocurrency investors
believed to understand the market well and make early and efficient
investment decisions. They are mostly known to take long-term
positions in projects they believe in. Other investors closely
follow their actions to capitalize on their investment strategies.
Related Reading: Study: Shiba Inu (SHIB) Is More Of A Successful
Memecoin Than PEPE and DOGE According to data from Etherscan, the
first address highlighted by LookOnChain is one of the earliest
SHIB buyers. It purchased 1.31 trillion tokens for $13.5K in
February 2021, when the SHIB traded at $0.00000001. This
individual later sold the tokens for $5.81 million during the bull
run, earning a profit of over $5.8 million. Interestingly, this
same address started investing in PEPE as early as April 17, well
before the asset became hype among investors, buying a total of
396.7 billion PEPE with $9,815. After selling 116.8 billion
tokens from its PEPE holdings for $392K, the address now holds 280
billion PEPE, with $1.18 million in realized and unrealized
profits. Another address, which began investing in SHIB as early as
April 2021, made a profit of $3.84 million on their
investment. This same address started purchasing PEPE on
April 19, buying 558.5 billion PEPE with $286K. The current
unrealized profit on the token investment held by this address is
$1.34 million. LookOnChain also mentioned an address associated
with the domain “cryptopolitan.eth” that purchased SHIB in February
2021 at the same time as the first address, making a profit of
$2.45 million on the investment. This same address began
purchasing PEPE on April 19, buying 340 billion PEPE with $103,000.
As of this writing, cryptopolitan has secured a profit of $695,000
from the frog meme token investment. Related Reading: PEPE Whale
Transfers 4.23 Trillion Coins To Binance – Will Price Tank? PEPE:
Ran Out Of Gas Meanwhile, the memecoin crashed after making
significant waves in the crypto industry over the past week. The
memecoin is now beginning to see a price decline, indicating
traders are profiting or getting bored of the memecoin. The
token’s rally initially started late last month. This was when the
memecoin pumped from a low of $0.00000002 on April 27 to as high as
$0.0000042 on May 5. This growth drew the attention of many traders
and investors, who saw it as an opportunity to profit from
meme-inspired crypto. The price of the token began to decline soon
after reaching that peak. As of May 8, the token price had fallen
to $0.000000211, representing a decline of 51% from its all-time
high. Featured image from The Block, Chart from TradingView
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