Smart Whale Earns $3.5M on PEPE and Dives into Altcoins
Date: 2024-03-02 Author: Dima Zakharov Categories: BLOCKCHAIN
A Smart Move
A savvy crypto investor has made waves in the market by cashing out a massive $6.07 million from their 1.97 trillion PEPE investment on Binance. This strategic move resulted in a net profit of $3.49 million, catching the attention of Lookonchain, a prominent crypto analytics platform.
Diversification Strategy
According to on-chain data, the investor swiftly shifted their position from PEPE to various altcoins, including SHIB, MANA, SAND, and GALA. This strategic move involved acquiring 75.9 billion SHIB, valued at $893,000.
Expanding Portfolio
On March 1st, analysts observed further diversification as the investor purchased an additional 1.6 million MANA (approximately $1.07 million), 2.43 million SAND (worth about $1.48 million), and 36.88 million GALA (valued at around $1.46 million).
Portfolio Rebalancing
This series of transactions highlights a strategic rebalancing of the investor's portfolio. Notably, Lookonchain has labeled the investor's wallet as "smart," indicating a track record of profitable trades.
Positive Trends
All selected cryptocurrencies have shown promising trends in the market:
- SHIB surged by 48% to $0.00001416 within a week.
- MANA climbed by 52% to $0.66.
- SAND saw a 31% increase, reaching $0.65.
- GALA rose by 41%, trading at $0.04.
Market Developments
In recent market developments, the market capitalization of the Solana-based meme coin, dogwifhat (WIF), soared to $955 million. This surge followed unexpected support from LeBron James, the forward of the Los Angeles Lakers basketball team.
Notable Events
Recall that on February 24th, crypto influencer Ben Armstrong, known for his YouTube channel Bitboy Crypto, engaged in a showdown against a developer using the alias More Light. This event catalyzed a 50% and 55% increase in the meme tokens BITCOIN and BEN, respectively.
