In a significant move, a large Ethereum ($ETH) whale has funneled over $1 million into the meme-inspired cryptocurrency $PEPE, a rival to other meme tokens including $SHIB, in the span of a month as it keeps accumulating.

According to popular blockchain analysis service Lookonchain, a pseudonymous trader known as OSF has purchased a staggering 173 billion PEPE for 141 ETH, amounting to roughly $261,000. Since June 14, the trader has invested a total of 536 ETH, or nearly $1.04 million, to acquire 613 billion PEPE tokens.

PEPE is a coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.

Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

Using $PEPE2, a spin-off of PEPE, a savvy memecoin trader also managed to multiply an initial investment of around $12,000 into a whopping $1.05 million within just ten days.

Trading memecoins, while potentially lucrative, also harbors significant risks that should not be underestimated. These tokens can be highly volatile, with values that can surge or crash dramatically in short periods of time. They frequently lack the underlying technology or utility that supports more established cryptocurrencies

In other notable trading activities, Lookonchain hinted at the possibility of a few institutions acquiring substantial holdings in Curve ($CRV), a native token to a decentralized finance (DeFi) stablecoin lending project.

Over the past week, Lookonchain observed that four newly established wallets withdrew a total of 10.2 million CRV, equivalent to $8.12 million, from top cryptocurrency exchange Binance. These wallets appear to hold exclusively CRV.

Featured image via Pixabay.