A crypto heavyweight is making waves. They've been snapping up Ethereum like it's going out of style. In less than two months, this whale has amassed nearly $100 million worth of ETH.
Blockchain tracker Lookonchain broke the news. An Ethereum address starting with "0x78D07" bought $4.7 million of ETH on Friday. This adds to their already massive stack.
"This whale has accumulated 37,800 ETH ($99 million) since May 24th," Lookonchain reported. The average buying price? $2,420. Current unrealized profit? A cool $7.5 million.
It's not just any whale. Lookonchain calls them "smart money". They've got a perfect track record of profitable trades. Since late May, they've scooped up about $70 million in ETH.
Where's all this ETH coming from? Binance, the biggest crypto exchange out there. On-chain data doesn't lie.
Lookonchain noted, "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!"
As of writing, Ethereum's price sits at $2,551. That's down 3% in 24 hours. But this whale doesn't seem fazed.
While some are buying ETH, others are cashing out. Lookonchain spotted a whale dumping their Pepe (PEPE) stash. PEPE's an ETH-based memecoin, for those not in the know.
"The whale deposited all the remaining 395.92 billion PEPE ($3.4 million) into Binance... hours ago," Lookonchain said. Total profit? $5.06 million, a 199% return. Not too shabby.
PEPE's currently trading at $0.00000785. It's down nearly 9% today. Looks like that whale got out just in time.
So what's the deal? One whale's buying ETH like there's no tomorrow, while another's ditching memecoins. Just another day in crypto, folks.