One PEPE token whale has made a one-month profit of almost $5 million despite the token crashing by more than 17% from its record high. The whale with wallet address “0x546” sold 660.7 billion PEPE tokens worth $9.52 million and sent them to Binance.
Lookonchain reported that this move rendered a 52% return on investment (ROI). Following this major transaction, the whale’s wallet now holds only $161,449 in cryptocurrency.
In a tweet by crypto analyst Davie Satoshi on X, the current position of the PEPE token (PEPE) might actually be a wave 4 of a major wave 3. Normally, wave 4 should be a triangle pattern and take place in the position of a 23-30% correction. Wave 4, according to Satoshi, is really hard to diagnose and assess and has the effect of causing a lot of confusion among investors. If market actions in the coming days tend to look confusing, it will add to the presence of wave 4.
Satoshi points out that wave four is characterized by uncertainty, and one should avoid trading during this period, as the waves may appear in various forms. He notes that wave 4 usually contains many patterns, parameters, and types of movement, thus making it very difficult for investors to determine when the market trends are going to change.
Fluctuations characteristic of meme coins such as PEPE can result in incredible profits; however, they also mean that investors take significant risks. Hence, investors should be careful and ensure they are informed of such investments as they have high risks involved.
PEPE is currently trading at a price of $0.00001432, with a 1.9% price drop as per CoinMarketCap’s data.
Also Read: Pepe Surges 130% in May, Flips Polygon in Market Cap
