PEPE Whale Sells 500 Billion Tokens: What Does It Mean for the Price?

PEPE Coin: Surge and Corrections

Following its recent listings on Coinbase and Robinhood, Pepe Coin (PEPE) experienced a remarkable 75% surge, attracting considerable investor attention. However, significant sales by "whales" have raised concerns about a potential correction in the meme coin market, highlighting the volatility and growing volume of this asset class.

Whales Sell, Market Responds

In the past 24 hours, PEPE has become a widely discussed topic in the crypto industry. Its listing on major exchanges like Coinbase and Robinhood led to a 75% surge. However, on-chain data from Lookonchain indicates that whales may be cashing in their investments.

On November 14th, a large PEPE whale sold approximately 500 billion tokens, netting $11.8 million. This investor initially purchased 2.01 trillion PEPE tokens last year for about 1,170 ETH (worth roughly $2.12 million at the time).

Despite the recent sale, the whale still holds 1.48 trillion PEPE, with a market value exceeding $33.2 million. This represents a 20x profit, yielding a total gain of $45 million since the initial investment.

Exchange Listings Propel PEPE

PEPE's recent rally was fueled by its high-profile listings on Coinbase, Robinhood, and Upbit. These listings pushed the coin's market cap over $10 billion and increased daily trading volume by 200% to $20 billion.

Risks in FOMO

The rapid rise of meme coins, including PEPE, has generated concerns about the fear of missing out (FOMO) among investors. Data from Santiment indicates that social media interest in meme coins is at an all-time high, suggesting the potential for a market correction.

Noted economist Alex Kruger commented on the trend, stating that "Crypto is heavily focused on meme coins right now. The interest is there, and exchanges are supporting it."

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