A crypto whale has been spotted accumulating tens of millions of dollars worth of Ethereum (ETH) in an apparent effort to buy the dip.
First reported by blockchain tracking firm Lookonchain, an Ethereum address starting with “0x78D07” bought over $4.7 million worth of Ethereum on Friday, adding to its nearly $100 million ETH stack.
“This whale has accumulated 37,800 ETH ($99 million) since May 24th, with an average buying price of $2,420, and currently has an unrealized profit of $7.5 million.”
Lookonchain recently spotted one “smart money” whale with a perfect track record of closing trades in profit accumulating about $70 million worth of ETH since late May.
On-chain data shows the whale accumulating ETH from Binance, the largest crypto exchange in the world.
“The smart money with a 100% win rate bought 2,424 ETH ($7.22 million)…
He has bought 19,436 ETH ($68.25 million) at $3,511 since May 29th!”
At time of writing, Ethereum is worth $2,551, down 3% in the past day.
While whales may be loading up on Ethereum, Lookonchain says one deep-pocketed investor is taking profits on an ETH-based memecoin.
According to the firm, a whale just sold their remaining Pepe (PEPE) trove in an effort to secure gains amid a market tumble.
“The whale deposited all the remaining 395.92 billion PEPE ($3.4 million) into Binance… hours ago.
The whale made a total profit of $5.06 million (+199%) on PEPE.”
At time of writing, PEPE is trading for $0.00000785, down nearly 9% on the day.
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