A significant whale investor has made an interesting move by trading $1.34 million worth of SUSHI tokens for nearly two trillion PEPE tokens, following substantial investments in SushiSwap coins.
A recent post on the X social media platform by the “Smart Money” tracker, @lookonchain, reported that an anonymous whale investor made a significant move by accumulating around two trillion units of the popular meme cryptocurrency, PEPE.
This investor, known as @9x9x9eth on X with an audience of over 100,000 followers, has a history of being a long-term holder of SushiSwap (SUSHI) tokens. Over the past couple of years, they’ve invested over $10 million worth of Ethereum to acquire SUSHI when its price was under $10 per coin.
Whale Loses $30 Million on SUSHI, Invests in PEPE
In a recent X post, it was revealed that a whale known as 9x9x9 decided to trade all of their SUSHI holdings for PEPE. This swap involved selling 2.36 million SUSHI tokens, valued at approximately $1.34 million, at an average rate of $0.57 per SUSHI coin.
In return, the whale purchased a substantial 1.89 trillion PEPE tokens, investing 851 ETH, which equated to around $1.42 million. The net result was a significant loss of approximately $30 million in SUSHI holdings, including all purchases on centralized exchanges (CEX).
9x9x9 (@9x9x9eth) exchanged all $SUSHI positions for $PEPE.
He sold 2.36M $SUSHI($1.34M) at an average price of $0.57 and spent 851 $ETH($1.42M) to buy 1.89T $PEPE 8 hours ago.@9x9x9eth lost a total of ~$30M in $SUSHI including all CEX buys.https://t.co/T6pR4ohAwr pic.twitter.com/mFMj1A7HUx
— Lookonchain (@lookonchain) October 23, 2023
This same whale had previously unstaked 2.46 trillion SUSHI tokens, which were valued at $2.12 million, on June 4. Additionally, a previous tweet by Lookonchain revealed that in 2021 and 2022, the whale had acquired 1.28 million SUSHI coins on Binance, spending $9.6 million on them. Subsequently, they invested 3,160 ETH, worth $11.04 million, to obtain 900,000 SUSHI tokens when they were priced around $9.46.
In a separate incident in August, a different whale sold a substantial quantity of PEPE at a loss, amounting to 762 billion of these frog-themed tokens. During that week, several whales were offloading PEPE tokens, incurring losses.
It’s worth noting that SUSHI had achieved an all-time high of $23.38 on March 14, 2021, but it is currently trading at a price 97.55% below its peak, with a value of $0.5778, based on data from CoinMarketCap.
PEPE Experiences 23.5% Weekend Surge and Ongoing Fluctuations
PEPE, a meme-inspired cryptocurrency, witnessed a remarkable 23.5% surge from Friday, October 20, to the following Monday, pushing its price from $0.0000006249 to $0.0000007720. However, a subsequent minor decline reduced the gains by 3.60%.
At the time of this report, PEPE was trading at $0.0000007454 on the OKX exchange. Launched in April of the same year, PEPE was developed by an anonymous team inspired by Pepe the Frog internet memes, in contrast to other meme coins like Shiba Inu, which draw inspiration from a Shiba Inu dog.
PEPE gained rapid popularity and secured listings on various major exchanges, including Binance, which added it to its Innovation Zone. PEPE’s price peaked at an all-time high of $0.000004354 in early May.
Experts often suggest that PEPE serves no practical utility purpose, and it hasn’t introduced additional products like some other meme coins. For instance, Shiba Inu launched its Layer-2 blockchain Shibarium in August.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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