Pepe Coin Whale Dumps 366B PEPE, Price To Dip Ahead?

Pepe Coin Price Dips Amidst Whale Activity

Pepe Coin, a prominent player in the meme coin market, has faced a significant price correction today. Investors have been seizing profit-taking opportunities, resulting in a 6% decline in the coin's value.

Whale Dump Triggers Market Speculation

According to SpotOnChain, an on-chain transaction monitoring platform, a Pepe Coin whale recently transferred 366 billion PEPE (worth $5.31 million) to Binance. This move is speculated to be a sell-off, particularly considering the coin's recent gains.

Whale Realizes Substantial Profit

The whale realized an estimated $4.84 million profit from this transaction, a remarkable 985% return. Notably, the whale used the same deposit address as two other savvy traders who also profited from Pepe Coin's recent surge.

Influx of Large Transactions Leads to Price Dip

The influx of large transactions, including those by the whale and other traders, has exerted downward pressure on the price. Another smart trader deposited 660.71 billion PEPE (worth $9.01 million) into Binance after the coin experienced a 14% drop in late May. They had withdrawn PEPE from Binance and MEXC at an estimated cost of $4.57 million in early May, securing a profit of $4.44 million or 49.3%.

Source: SpotOnChain, X