A whale recently transferred $14.5 million of PEPE to Binance and is now buying TURBO, Lookonchain data on May 9 shows.
Pepe coin (PEPE) is a meme token and one of the top-performing assets after rallying by over 10x in recent days pushing its market capitalization to over $1 billion. PEPE’s performance and trading activity saw it flip mainstream coins, including Bitcoin.
Whale Exiting PEPE
Trackers on May 9 now indicate that the PEPE whale is actively accumulating TURBO, doubling down on the token.
Because of the address’ past success, traders are closely watching his actions, with some speculating that TURBO might be the next “big thing” after PEPE’s success.
On-chain records show that between April 24 and 27, the whale bought 4.23 trillion PEPE from 422 ETH and 200K USDC.
On May 5, the whale transferred all tokens to Binance, a cryptocurrency exchange, possibly earning a profit of approximately $14.5 million.
This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.
His average buying cost is $0.0000002535, and the profit is ~$14.5M now!
He may sell after opening trading, watching out for the price change.⚠️ pic.twitter.com/7UoNYG9PJb
— Lookonchain (@lookonchain) May 5, 2023
By exiting at PEPE peaks, observers suspect the whale could be an experienced trader or entity.
Nonetheless, though PEPE surged in the first part of last week, the meme token’s price has been cooling off days after listing on Binance’s Innovation Zone and derivatives exchange.
PEPE is ranked 57 on the market cap leaderboard, according to CoinMarketCap data. The meme token has gained significant traction at this valuation, attracting interest from speculators and traders.
Focus on TURBO
With PEPE looking fragile, dropping 55% from May’s high, the whale seems to have identified an opportunity in TURBO.
The whale bought 1.38 billion TURBO with $977,000, worth $1.1M at the time of writing. The last time the whale bought TURBO was on May 8.
A smart whale who earned ~$14.5M on $PEPE has been buying $TURBO since May 3.
He bought a total of 1.38B $TURBO ($1.1M currently) with $977K, the average buying price is $0.0007055.
The last time he bought $TURBO was 7 hours ago. pic.twitter.com/eawQWEivKq
— Lookonchain (@lookonchain) May 9, 2023
The Turbo meme coin is created entirely using artificial intelligence (AI) with Chat GPT-4, the generative AI protocol, taking charge, building the project from scratch and issuing the token.
Fueled by the current rage of AI projects and platforms, the TURBO community is expanding, further propping prices.
As of writing, TURBO is up 45% in the last 24 hours, with trading volumes exceeding $140 million. The founder has meticulously recorded the entire process from the project’s documentation while strictly adhering to the AI’s guidance.
Still, it is not clear whether TURBO will replicate PEPE’s success and soar to record highs. Bitcoin prices are relatively lower at spot rates, which could be a hurdle for the token’s price action.
Despite recent double-digit gains, TURBO has resisted selling pressure and separated from the broader market. However, the success of meme tokens relies heavily on hype and FOMO-driven demand, as they generally lack any practical utility. Consequently, their prices tend to collapse rapidly once the hype subsides.
Feature Image From Canva, Chart From TradingView