Crypto Whale Starts Booking Profit in PEPE: Meme Season Over?
Crypto Whale Starts Booking Profit in PEPE: Meme Season Over?
In the volatile meme coin market, while major tokens face downturns, Floki emerges strong with institutional support and a unique growth narrative.
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 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.
- PEPE's value has decreased by 15% from its recent peak.
- Dogwifhat (WIF), Dogecoin (DOGE), and Bonk (BONK) have also significantly declined.
- Total market capitalization for meme coins has fallen by 6% in the last 24 hours.
On the contrary, Floki (FLOKI) presents a different narrative with a new record in total value locked (TVL) at $756 million across Floki Staking and FlokiFi Locker, surpassing the combined TVL of its competitors. Floki has recently burned $3.2 million in tokens toward a deflationary model and utility-focused growth.
Institutional support, including $15 million investments from DWF Labs, has been crucial for Floki, demonstrating strong institutional backing for meme coins.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.