The whale profited at least $14.5 million dollars from the frenzy of PEPE, the cryptocurrency that shot up by 20,000% since its launch, according to Lookonchain. According to Lookonchain’s focus on on-chain analyses, this whale investor was not one of the first buyers of the coin but implemented a strategy by collecting a huge amount of Pepecoin in late April. And now, this whale is looking for another memecoin to implement the same strategy and gain huge amounts of money from it.
Creating a Memecoin is Just too Easy
This memecoin craze began around April of this year and besides PEPE, other such assets in this field reached their peaks such as Floki Inu, REKT, and another token from Shiba Inu ecosystem. Because of these skyrocketing values, the cryptocurrency market has flooded with hundreds of brand-new memecoins. This is because these assets are pretty simple to create and distribute. A video on Twitter went viral that shows the creation process of a memecoin, and it only takes 27 seconds to do so.
A memecoin that emerged from this craze is Turbo, which was created through ChatGPT, and its creator stated that it was “built from the ground up”. This cryptocurrency’s whitepaper promises a distribution of 69 billion tokens and an initial budget of $69. According to this paper, this project’s mission is to “establish itself as a leading meme coin with a unique identity and a strong focus on simplicity, justice, and community engagement.”
Turbo Rose Because of the Affromentioned Whale
In this growing memecoin field, Turbo also experienced a great rise in its price since its launch in April. In a short time span, its market value reached $100 million. Also, this asset has accumulated a trading volume of $156.6 million in the last 24 hours. It is currently the 4th most traded memecoin after Shiba Inu, Dogecoin, and PEPE. This is largely because of the purchase of the whale mentioned earlier that Turbo reached these heights recently. The whale has acquired 1.38 billion Turbo tokens for approximately $977,000.