Whale Jual 170 Milyar Pepe Coin, Bagaimana Nasib Token Ini?

Pepe Coin (PEPE) is poised for a potential price trend reversal after completing its consolidation phase. Ranked among the top 25 cryptocurrencies, PEPE hit a weekly low of US$0.00001102 on Thursday (July 25, 2024).

This low point marks a critical juncture in PEPE's market cycle, drawing the attention of investors and analysts.

Price Surge and Whale Activity

According to Daily Coin, the memecoin has since surged by 4% since hitting its low, indicating resilience and potential recovery. However, a suspicious large transfer observed by LookOnChain has kept holders on edge.

A prominent Ethereum player, qualifying as a crypto whale, made the move to sell 170.2 billion PEPE tokens for $1.97 million in Circle USD (USDC). This significant transaction has ignited discussions about PEPE's future price direction.

The whale realized a hefty profit of $1.77 million in the move, translating to an impressive 886% return on investment (ROI).

Contrastingly, the Ethereum whale had acquired 170.2 billion PEPE tokens on October 26, 2023, for $200,000 in USDC stablecoin, holding it until June 25, 2024. This strategic holding and subsequent sale highlight the potential profitability of PEPE investments.

Will Other Big Players Follow Suit?

Selling pressure caused by major token holders liquidating their assets is common in the highly volatile altcoin market.

However, PEPE's case remains somewhat unique, as the frog-themed memecoin boasts unusually high trading volume. This factor sets PEPE apart from many other altcoins and memecoins, underscoring its potential for significant market movements.

PEPE emerges as the 8th largest cryptocurrency by trading volume, with $1.193 billion in the past 24 hours.

This substantial trading volume puts PEPE in the same bracket as top altcoins like Binance Coin (BNB) and XRP, while no other memecoins even come close to hitting a billion dollars in trading volume on a typical day.

This high trading activity reflects strong interest and belief in PEPE from the broader crypto community.

Large Transactions and Selling Pressure

Going by the buy and sell orders placed over the last 24 hours, PEPE doesn't appear to be experiencing notable selling pressure.

Large transactions for Pepe Coin have increased significantly since July 23, 2024, indicating activity from other ETH whales. This spike in large transactions could signal further market movement and a change in price for PEPE in the near term.

At the time of writing, PEPE is ranked 25th and trades at around $0.00001188, according to CoinGecko.

Despite being down 5.8% over the month, the memecoin remains up 845% over the past year. This significant year-on-year growth speaks to the memecoin's remarkable growth and its potential for future gains.