PEPE Coin’s major selloff by Whale creates panic among traders

Major Sell-Off Raises Concerns

Amidst the rising crypto market, news of a whale selling Pepe Coin has sparked discussions among traders and investors globally. Data from Spotonchain reveals a whale sold approximately 356.2 billion PEPE, generating a 31x return.

Loss of Confidence in Pepe Coin

This sale has raised concerns about the loss of confidence in the token's future gains. However, the market remains optimistic about the PEPE price, despite the recent sell-off. Notably, the coin surged by over 140% in November 2024.

Whale's Transactions

An X tracker reported that a whale recently deposited 256.2 billion PEPE coins, worth an estimated $7.3 million, to a prominent crypto exchange. The whale address 0x5b76....fbda initiated the transaction with a target return of 31x.

In September 2023, the whale acquired 375.65 billion tokens from a crypto exchange for $237K. Subsequently, the trader began selling PEPE coins through two exchanges from February 17th, generating a profit of approximately $7.54 million.

Impact and Speculation

The whale's actions have somewhat caused panic among traders, highlighting their waning confidence in Pepe Coin. However, it has not significantly affected the overall market sentiment regarding the crypto's future price.

At the time of writing, PEPE's price had increased by 1.11% over the past 24 hours, hovering around $0.0000205. Its chart indicates that the massive whale sell-off has not caused significant damage to the price.

Analysts speculate that the memecoin could experience a 7x rally due to growing market enthusiasm. They also note that whale accumulations of Pepe Coin have increased significantly during the current bull cycle.

Market Enthusiasm Continues

Despite the recent sell-off, traders and investors remain optimistic about Pepe Coin. Its chart suggests that the token has not yet reached its full potential, and market enthusiasts anticipate further gains.