Missing out on crypto becoming the next big thing in crypto can hurt. To avoid this, popular on-chain analyst LookOnChain sorted prominent whales to keep an eye on and ease the task of catching the next PEPE.
According to the analyst, very early on these whales were striking meme coins like Shiba Inu (SHIB). LookOnChain noted that these whales are “smartMoneys that both SHIB and PEPE bought early and made millions of dollars.”
Discovering the next Memecoin that can spin 100x
In a series of threads, LookOnChain revealed three SmartMoney wallet addresses that invested early before the bull run. Whales are major cryptocurrency investors who are believed to understand the market well and make early and efficient investment decisions.
They are especially known for taking long-term positions in projects they believe in. Other investors are following their actions closely to take advantage of their investment strategies.
According to facts of Etherscan, the first address marked by LookOnChain is one of the first SHIB buyers. It bought 1.31 trillion tokens for $13.5K in February 2021 when the SHIB was trading at $0.00000001.
This individual later sold the tokens for $5.81 million during the bull run and earned a profit of over $5.8 million. Interestingly, this same address began to invest PEPE already on April 17, well before the asset became a hype among investors, they bought a total of 396.7 billion PEPE with $ 9,815.
After selling 116.8 billion tokens from its PEPE holdings for $392,000, the address now has 280 billion PEPE, with $1.18 million in realized and unrealized gains. Another addresswhich started investing in SHIB as early as April 2021, made a profit of $3.84 million on their investment.
This same address began purchasing PEPE on April 19, buying 558.5 billion PEPE with $286,000. The current unrealized gain on this address’s token investment is $1.34 million.
Also called LookOnChain An address associated with the domain “cryptopolitan.eth” which SHIB bought 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. At the time of writing, cryptopolitan has made a profit of $695,000 from the frog meme token investment.
PEPE: No more petrol
Meanwhile, the memecoin crashed after making significant waves in the crypto industry over the past week. The memecoin is now starting to see a drop in price, indicating that traders are either benefiting or bored with 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 a high of $0.0000042 on May 5. This growth caught the attention of many traders and investors, who saw it as an opportunity to profit from meme-inspired crypto.
The price of the token started falling shortly after reaching that peak. By May 8, the token price had fallen to $0.000000211, down 51% from its all-time high.
Featured image of The Block, chart from TradingView
