By George Ward
Memecoin Whale’s Substantial Profits
Despite a 17% dip from its peak, a PEPE whale still secured $4.95 million in gains within a month. The 52% return on investment highlights the volatile nature of memecoins and the potential for significant gains within short timeframes.
The whale deposited all their 660.7 billion PEPE tokens into a Binance wallet. Following this sale, the whale’s wallet, registered under the address “0x546,” now holds a total of $161,449 in crypto assets.
Interestingly, over 96% of the remaining holdings consist of Compound (COMP) tokens, showcasing a diversified investment strategy with crypto assets. This significant profit comes amidst a broader trend of declining investor interest in memecoins, as evidenced by a 21% decrease in cumulative trading volume over the past 24 hours.
Nevertheless, memecoins continue to attract attention due to their potential for generating substantial wealth in a relatively short period. Notably, it isn’t the first time a smart trader has successfully exploited the volatility of memecoins for significant profits. Days earlier, a trader made $2.7 million in three days by trading the MAGA (TRUMP) meme token, a Donald Trump-themed token.
Mixed Sentiments Over Pepe’s Future Price Trajectory
Meanwhile, technical analysis of Pepe’s price chart reveals the possibility of a 40% correction, mirroring patterns observed in January 2024. Still, some analysts remain optimistic about its long-term prospects.
Their optimism revolves around Pepe’s prominence as an Ethereum-based meme coin. With the SEC’s recent Ether ETF approval, institutional investors will start investing in Ethereum-based products, leading to significant growth for projects like PEPE in the ecosystem.
In addition, pseudonymous crypto analyst – Davie Satoshi – predicts that the upcoming wave five could propel Pepe’s market capitalization to exceed $10 billion, a significant milestone for the memecoin.
Survey Shows Increased Interest In Crypto Among US Voters
A recent survey conducted by Harris Poll on behalf of prominent crypto asset management firm — Grayscale revealed a notable surge in interest in cryptocurrencies, especially Bitcoin (BTC), among US voters. The survey, which polled 1,768 adults in the US between April 30th and May 2nd, noted that 41% of respondents have heightened interest in BTC and crypto, a significant increase from the 34% recorded in November 2023.
The survey attributed this surge to concerns over inflation, risks to the US dollar, and escalating geopolitical tensions. According to a recent voter poll, inflation ranks as the top issue in the upcoming election at 28%.
Furthermore, nearly one-third of respondents stated they had become more open to learning about or investing in cryptocurrencies since the beginning of 2024. This shift in sentiment suggests a growing acceptance of crypto as a viable long-term investment opportunity.
Also, the study noted that 23% of voters now view cryptocurrency as a good long-term investment, compared to 19% recorded in November. Additionally, 47% of these respondents intend to include crypto in their investment portfolios,
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