Whales Are Selling Popular Coins Like BTC, ETH, SHIB to Buy Pepe

Whales are starting to sell BTC, ETH, and SHIB to get bagfuls of PEPE.
Crypto personalities are openly endorsing PEPE and encouraging others to buy PEPE.
Pepe is an intellectual property that is protected by copyright.

The Pepe (PEPE) fever continues, as more people, including whales and crypto personalities, are now joining the bandwagon. In fact, some whales have even sold leading cryptocurrencies like bitcoin (BTC), ether (ETH), and Shiba Inu (SHIB) to get a bagful of PEPE.

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Yesterday, on-chain data analytics Lookonchain reported that a whale sold most of his assets worth over $700,000 for PEPE. Fortunately, the whale’s timing was perfect, as his PEPE portfolio has been valued at $2.19 million — a profit of around $1.2 million.

The transaction was met with mixed reactions, with skeptics predicting that the token will rug soon. On the other hand, others believe that PEPE will increase further in value and hit almost $1 billion in market capitalization.

Should PEPE reach $1 billion, it would overtake Theta Netwok (THETA) and possibly MultiversX (EGLD), previously Elrond, in terms of market capitalization.

Meanwhile, a SHIB early investor sold some of his tokens today for PEPE. This investor made $3.84 million in SHIB.

Other crypto celebrities taking notice of PEPE include Ben Armstrong, popularly known as Bitboy Crypto, David Gokhshtein, and more. These influencers are now openly advertising PEPE.

What is more, other versions of PEPE including Mrs. Pepe, PepeSol, and PepeMoon are springing up like mushrooms.

It is not sure how long the Pepe fever will last. However, traders must exercise caution when investing since PEPE is considered a memecoin. In addition, people must not openly disclose creating new Pepe tokens as the popular internet personality is an intellectual property protected by copyright and they can be sued.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.