In the midst of the ongoing memecoin craze, a mysterious whale that previously made over $14.5 million on Pepe Coin has made a significant investment in Turbo token.
According to blockchain analytics report from Lookonchain, the whale purchased Turbo on May 3, with the first purchase being approximately $977,000 or $1.38 billion. As of today, the investment is worth about $1.9 million.
It is important to note that the dealer who purchased Turbo wasn’t the same person who bought Pepe Coin in the first place. The whale apparently bought the coin between April 19-27, when the price of PEPE experienced a significant drop. Lookonchain even went on to say on their Twitter that the dealer bought Turbo because he knew something that others didn’t.
Turbo, a memecoin that launched last month, has been making headlines in recent days as its value has skyrocketed, making it the fourth most traded memecoin after Pepe, Dogecoin, and Shiba Inu. In the last 24 hours, the token has increased by 53.3%, according to DexScreener. It currently has a market capitalization of $97.4 million, ranking it in the top 10 of the most valuable meme coins.
The project’s white paper highlights a budget of $69 and a total supply of 69 billion tokens. The developers aim to establish Turbo as the leading memecoin with a unique focus on simplicity, fairness, and community involvement. However, the rising value of the token has led to warnings from DEX exchange Uniswap regarding its risks.
As the memecoin boom continues, many are speculating that Crypto Winter may be coming to an end. The investment by the whale in Turbo is just the latest example of the growing interest in memecoins and the potential for significant returns. Only time will tell if this trend continues or if it’s just a bubble waiting to burst.
Source: https://azcoinnews.com/whale-who-made-14-5-million-on-pepe-coin-invests-big-in-turbo-token-during-memecoin-craze.html
