PEPE Whale Who Earned $14.5M Turns To Turbo, Is This The Next Big Thing?

Dalmas Ngetich

2 years ago

2 mins read

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A whale recently transferred $14.5 million of PEPE to Binance and is now buying TURBO, Lookonchain data on May 9 shows.

Pepe coin (PEPE) is a meme token and one of the top-performing assets after rallying by over 10x in recent days pushing its market capitalization to over $1 billion. PEPE’s performance and trading activity saw it flip mainstream coins, including Bitcoin.

Whale Exiting PEPE

Trackers on May 9 now indicate that the PEPE whale is actively accumulating TURBO, doubling down on the token.

Because of the address’ past success, traders are closely watching his actions, with some speculating that TURBO might be the next “big thing” after PEPE’s success.

On-chain records show that between April 24 and 27, the whale bought 4.23 trillion PEPE from 422 ETH and 200K USDC.

On May 5, the whale transferred all tokens to Binance, a cryptocurrency exchange, possibly earning a profit of approximately $14.5 million.

This giant whale who bought 4.23T $PEPE ($15.6M) with 422 $ETH ($871K) and 200K $USDC deposited all $PEPE to #Binance 30 mins ago.

His average buying cost is $0.0000002535, and the profit is ~$14.5M now!

He may sell after opening trading, watching out for the price change.⚠️ pic.twitter.com/7UoNYG9PJb

— Lookonchain (@lookonchain) May 5, 2023

By exiting at PEPE peaks, observers suspect the whale could be an experienced trader or entity.

Nonetheless, though PEPE surged in the first part of last week, the meme token’s price has been cooling off days after listing on Binance’s Innovation Zone and derivatives exchange.

PEPE is ranked 57 on the market cap leaderboard, according to CoinMarketCap data. The meme token has gained significant traction at this valuation, attracting interest from speculators and traders.

Focus on TURBO

With PEPE looking fragile, dropping 55% from May’s high, the whale seems to have identified an opportunity in TURBO.

The whale bought 1.38 billion TURBO with $977,000, worth $1.1M at the time of writing. The last time the whale bought TURBO was on May 8.

A smart whale who earned ~$14.5M on $PEPE has been buying $TURBO since May 3.

He bought a total of 1.38B $TURBO ($1.1M currently) with $977K, the average buying price is $0.0007055.

The last time he bought $TURBO was 7 hours ago. pic.twitter.com/eawQWEivKq

— Lookonchain (@lookonchain) May 9, 2023

The Turbo meme coin is created entirely using artificial intelligence (AI) with Chat GPT-4, the generative AI protocol, taking charge, building the project from scratch and issuing the token.

Fueled by the current rage of AI projects and platforms, the TURBO community is expanding, further propping prices.

As of writing, TURBO is up 45% in the last 24 hours, with trading volumes exceeding $140 million. The founder has meticulously recorded the entire process from the project’s documentation while strictly adhering to the AI’s guidance.

Still, it is not clear whether TURBO will replicate PEPE’s success and soar to record highs. Bitcoin prices are relatively lower at spot rates, which could be a hurdle for the token’s price action.

Despite recent double-digit gains, TURBO has resisted selling pressure and separated from the broader market. However, the success of meme tokens relies heavily on hype and FOMO-driven demand, as they generally lack any practical utility. Consequently, their prices tend to collapse rapidly once the hype subsides.

Feature Image From Canva, Chart From TradingView

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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