PEPE Coin Surges 75% as Whales Start Selling Off

PEPE Coin Soars 75% as Whales Start Cashing Out

PEPE Coin (PEPE) witnessed a remarkable 75% surge in value within 24 hours, coinciding with its listings on Coinbase and Robinhood. However, on-chain data indicates that large investors (whales) may be liquidating their holdings, potentially signaling a downturn in meme coin prices.

Whales Exit with Substantial Profits

Whales who acquired PEPE early have started to reap the rewards. One whale recently sold 500 billion PEPE for $11.8 million, netting a profit of approximately $45 million. This investor had accumulated close to 2.01 trillion PEPE tokens between May 2022 and September 2022, investing around 2.12 million dollars (1,170 ETH).

Despite these sales, the whale still possesses 1.48 trillion PEPE, signifying a 20-fold return on their initial investment, translating to roughly $45 million in gains.

PEPE Price Hits New High

After its debut on Coinbase, Robinhood, and Upbit, PEPE reached an all-time high with a 75% surge. Its market capitalization surpassed $10 billion, with daily trading volume spiking by 200% to over $20 billion.

Meme Coin Market Flourishes

Meme coins experienced a resurgence following Donald Trump's victory in the recent U.S. Presidential Elections. Dogecoin (DOGE) and PEPE surged by over 100% during the week. Other meme coins like dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) also witnessed gains ranging from 60-70%.

According to Santiment, meme coin activity remains strong. Elevated levels of greed and fear of missing out (FOMO) have been observed, along with a surge in discussions about meme coins on social media, suggesting potential selling pressure in the horizon.

Economist Alex Kruger opines, "Outside of Bitcoin, the crypto market is overwhelmingly driven by meme coins at this time. Exchanges are tailoring their offerings accordingly."

Investment Opportunities and Risks

Beyond PEPE, PNUT has jumped by 200%, pushing its weekly returns over 1600%. Dogecoin (DOGE) is trading at $0.392, while WIF is priced at $4.18.

The volatile nature of meme coins presents both opportunities and risks for investors. Whale sales and heightened social media chatter contribute to market volatility. Investors must closely monitor market behavior and whale movements.

Conclusion

The rise of PEPE and other meme coins exemplifies the evolving dynamics of the crypto market. Investors need to remain cautious and closely track market trends to navigate the complexities of this rapidly changing landscape.