Pepe Coin Whale Dumps 330B PEPE; Wider Selloff Incoming?

Pepe Coin Whale Sells Assets Amidst Crypto Price Drop

A Pepe coin whale has liquidated $2.53 million worth of PEPE, incurring a loss due to the recent decline in cryptocurrency prices. The trader executed a series of transactions involving the meme coin and still retains a significant portion of the asset.

This development sparked varied reactions across social media, given the current market sentiment.

Whale's Asset Sell-Off

The Pepe coin whale offloaded 330 billion PEPE ($2.53 million) on the Kraken crypto exchange, leaving approximately $7.57 million worth of the asset in their portfolio. Prior to this, the trader had engaged in a series of large transactions, drawing community attention.

Initially, the whale sold 500 billion Pepe tokens before acquiring 828 billion at a lower price, increasing their total holdings to 1.3 trillion assets valued at $9.9 million. However, the recent sale has resulted in a loss of over $3 million for the trader.

Market Movements and Whale Influence

The actions of crypto whales, who possess substantial holdings, can significantly impact market movements. As a consequence, the broader community closely monitors their transfers, which have a ripple effect on the ecosystem. Notably, large transfers to centralized exchanges often trigger broader sell-offs.

Community Response

Crypto users speculate that the sale is primarily driven by the ongoing decline in crypto prices. Despite the sell-off, the whale still holds a significant amount of Pepe coins. Meme tokens tend to be influenced by the price fluctuations of major assets, as they are susceptible to market sentiment and on-chain data.

At the time of writing, PEPE trades at $0.00000777, marking a 1% gain in the past 24 hours, despite the broader market downturn.

Crypto Market Conditions

Crypto assets are currently struggling, with Bitcoin and other leading coins depreciating over the past 24 hours. Bitcoin's value has dipped below $59,000, albeit with a slight subsequent recovery. Ethereum and Solana have also experienced similar price drops during this period.