6 Million SHIB Spent on PEPE by ‘Smart Money’ Wallet After Earning $3.8 Million on Shiba Inu

Analytics account @lookonchain has tweeted that whales continue to accumulate the recently emerged meme coin PEPE, making great profits on it.

One of those investors is a major SHIB whale, who has seen his Shiba Inu stash surge to almost $4 million, and he has swapped part of his SHIB for PEPE.

Spending 6 billion SHIB on PEPE

The @lookonchain Twitter account follows “Smart Money” wallets (investors who buy and sell large amounts of trendy crypto quickly in order to earn a quick buck). It reported that a “Smart Money” whale, who acquired 133 billion Shiba Inu in April 2021 for $224,000.

This whale made $3.84 million in fiat on his SHIB purchase, and today he exchanged part of his SHIB stash (6 billion meme coins) for PEPE.

1/ A SmartMoney that made ~$3.84M on $SHIB swapped some of his $SHIB positions for $PEPE!

This SmartMoney bought 325B $PEPE($700K currently) with 6B $SHIB($67K).

Very wise decision!

If you want to buy the next $SHIB and $PEPE, be sure to follow this address. pic.twitter.com/WOcWdHbNiw

— Lookonchain (@lookonchain) May 5, 2023

Another “Smart Money” wallet acquired 511 billion PEPE for 800,000 USDC almost 20 hours ago and made $785,000 on that deal.

Celebrities and influencers supporting PEPE

Over the past few days, meme coin PEPE, based on the internet meme of Pepe the Frog, has been demonstrating astounding growth and faced a spree of listings on large crypto exchanges.

Now, the meme coin’s market capitalization value has come close to the $1 billion mark. While still ranked 2,616th on CoinMarketCap, PEPE is quickly gaining the reputation of a major competitor for existing popular dog-themed coins, such as Shiba Inu (SHIB).

Many celebrities and crypto influencers have begun supporting PEPE, including the founder of Gokhshtein Media company David Gokhshtein and popular U.S. hip-hop artist, songwriter and actor Souljia Boy. Yesterday, the latter took to Twitter to say, “I’m done got rich off PEPE,” citing a popular song by another rapper, YEATS.