Is there still hope for PEPE currency? Institutional investors sold off and realized huge gains after the price of PEPE currency hit a record high

After PEPE currency reached a historical high, institutional investors sold massively to realize huge profits! Institutional investor BlockTower Capital has reportedly sold an entire bag of Pepe (PEPE) tokens from a wallet tracked by on-chain analytics platform Spot On Chain. The sale totaled approximately $2.79 million. The major divestment coincided with Pepe’s price reaching new highs, allowing BlockTower Capital to reap huge profits.

Today, the editor of this site will share with you a detailed introduction to how institutional investors sold PEPE coins to cash out after the price of PEPE coins hit a record high. I hope you like it!

The deal involves the transfer of 202.22 billion PEPE tokens to cryptocurrency trading firm Cumberland at a price of $0.00001381 each. Importantly, the sale follows the acquisition of the same tokens from Cumberland on May 15, 2024, for $0.000011 per token, for a total of approximately $2.22 million.

As a result, BlockTower Capital is expected to make a profit of $569,000, a return of 25.6% in just 7 days. Spot On Chain claims: “Currently, BlockTower Capital no longer holds any PEPE holdings.”

Additionally, other early investors in PEPE are also taking advantage of the token’s recent surge Profit. Notably, the crypto whale address – 0x6D5 has deposited 182.909 billion PEPE to major cryptocurrency exchange Binance.

The deal was worth $2.28 million and was executed at $0.00001244 per token. On April 18, 2023, the investor purchased 324.9 billion PEPE tokens, worth $463, for just 0.22 Ethereum (ETH).

The return on this investment was huge, with projected profits ultimately reaching $3.14 million, equivalent to a 680,000% increase.

The latest profit-taking activity comes as Pepe surged over 20% in the past 24 hours to hit a new all-time high. The meme coin has appreciated more than 45% this week.

The rally was largely driven by speculation that the U.S. may approve a spot Ethereum (ETH) exchange-traded fund (ETF). Therefore, meme coins based on Ethereum are regarded as high-risk, high-return assets and have attracted widespread attention from investors. Analysts noted that these memecoins represent leveraged bets on the growth of the Ethereum network.

According to analysis by BeInCrypto, the Network Realized Profit/Loss (NUPL) metric shows an upward trend in overall earnings over the past month. Therefore, there may be massive PEPE selling activity in the future as investors seek to realize these substantial profits.

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