A smart crypto whale has reportedly made a profit of $3.49 million from PEPE and moved his gains to other cryptocurrencies including SHIB, SAND, and others. The investor made a strategic move, reinvesting proceeds into several cryptocurrencies in a bid to diversify their portfolio.
In an interesting development, Lookonchain, an AI-powered blockchain analytics platform, has reported a significant transaction involving the trending memecoin PEPE.
According to Lookonchain, a smart whale shifted his position from PEPE by selling 1.97 trillion tokens for $6.07 million while making a mouthwatering profit of $3.49 million. The investor went ahead to purchase Shiba Inu (SHIB), Sandbox (SAND), Decentraland (MANA), and Gala (GALA) with the proceeds.
Whale strategically diversifies its portfolio
Per the data, the whale bought 75.9 billion SHIB (worth $893,000), 1.6 million MANA tokens (estimated at $1.07 million), 2.43 million SAND tokens (valued at $1.48 million), and 36.88 million GALA tokens (worth $1.46 million).
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The whale appears to have carefully considered its diversification strategy since purchases were made in a variety of both well-known and up-and-coming digital currencies.
It is common for wealthy investors to diversify their holdings across several cryptocurrency assets in this way. This way, they can then take advantage of the special chances that each coin might offer.
This reallocation demonstrates the investor’s strategy for distributing funds among several cryptocurrency classes, ranging from tokens supporting virtual worlds and decentralized gaming ecosystems to memecoins, which profit from social media fads and community support.
PEPE, SHIB, MANA, SAND, and GALA price reactions
The bullish sentiment across the global crypto market continues this week as reflected in the crypto fear & greed index value for today. According to data from Alternative, the value points to 80 signifying extreme greed in the crypto market.
Every coin involved in the whales’ transactions has exhibited impressive growth in the past few days. PEPE for example is the top trending cryptocurrency in the market today according to CoinMarketCap data.
In the past 24 hours, PEPE has grown by over 10% and 160% in the last 7 days. In addition, PEPE has done an impressive 232% over the last month. Per Coinstats data, PEPE is currently trading at $0.000003.
Shiba Inu also finds itself at the #11 spot of the top trending list. According to live data, Shiba Inu is changing hands at $0.000013 representing a 3.76% drop in the last day with a 24-hour trading volume of $1.54 billion.
Also, Decentraland (MANA) has grown by 8.61% in the last 24 hours, trading at $0.64. In addition, Sandbox (SAND) is up by 5.38% and is trading at $0.617.
Gala (GALA), a Web3 gaming-related token has slightly grown by 0.6% and currently trading at $0.039 with $268,260,678 ($268 million) in volume.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.