Is PEPE Coin in Trouble? PEPE Coin Whale Unloads 330B PEPE Tokens: Brace for a Massive Selloff
A large holder of PEPE coin, known as a “whale,” recently offloaded a significant portion of their holdings, resulting in a loss. According to data from Lookonchain, the whale deposited 330 billion PEPE tokens on crypto exchange Kraken, leaving 1 trillion tokens worth approximately $7.57 million in their portfolio.
Massive Whale Activity
The trader initially sold 500 billion PEPE tokens, then repurchased 828 billion tokens at a lower price, bringing their total holdings to 1.3 trillion tokens worth $9.9 million. However, due to subsequent asset movements, the trader incurred a loss of over $3 million.
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The actions of crypto whales, due to the size of their holdings, continue to influence market movements and draw significant attention from the wider community. Notably, sudden transfers to centralized crypto exchanges such as Kraken, Binance, and Coinbase often lead to broader sell-offs.
Is PEPE In Trouble?
While some crypto users attribute the sale to falling crypto prices, the whale still retains a substantial amount of PEPE coins. Meme tokens like PEPE are often affected by the activities of leading assets, with their prices being influenced by market sentiments and on-chain data. Despite the overall market downturn, PEPE is currently trading at $0.00000777, representing a 1% growth in the last 24 hours.
The broader cryptocurrency market has also experienced a decline, with Bitcoin and other major coins registering price drops over the same period. Notably, Bitcoin slipped below the $59,000 mark before recovering slightly, while Ethereum and Solana also exhibited similar price trends.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
