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.
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.
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