PEPE Whale Dumps 330B Tokens at Kraken & Still Holds 1T PEPE

Whale Disposes of $2.53 Million in Pepe Coins Amidst Crypto Downturn

A significant holder of Pepe coins has offloaded $2.53 million worth of PEPE tokens amidst the current cryptocurrency market decline. According to Lookonchain, the whale transferred 330 billion PEPE tokens to the Kraken exchange, reducing their holdings to 1 trillion tokens valued at approximately $7.57 million.

This move has prompted speculation within the community. The whale had initially offered 500 billion PEPE tokens for sale before purchasing 828 billion tokens at a lower price.

Source: X

This increased their total PEPE stake to 1.3 trillion tokens, worth roughly $9.9 million. However, despite these transactions, the whale incurred a loss of over $3 million.

Large-scale transactions by whales can significantly impact market dynamics. Their deposits into exchanges like Kraken, Binance, or Coinbase may trigger additional selling pressure.

According to crypto market watchers, the overall decline in cryptocurrency prices was a primary factor in the whale's decision to sell. Nonetheless, the whale still retains a substantial PEPE token balance despite the 95% loss in value.

Meme coins like PEPE are highly volatile, with price fluctuations driven by market sentiment and external factors.

At present, PEPE is trading at $0.00000778, a modest 1.41% gain in the last 24 hours despite the broader market decline. Bitcoin has dipped below $59,000 before a marginal rebound, while Ethereum and Solana have also experienced price corrections.

The lingering bearish trend in leading cryptocurrencies indicates ongoing market volatility.