- A notable whale investor has divested their entire holdings of 972.84 billion PEPE tokens, leading to speculation of insider trading or an impending bear market.
- The significant dump of PEPE tokens has impacted the token’s price negatively, with a week-on-week decrease of over 17%.
In a recent transaction that has spurred market speculation, Lookonchain, an on-chain analysis platform, reported that a Pepecoin (PEPE) whale investor offloaded their entire stash of 972.84 billion tokens. The sale, executed for approximately $848,000 or 514 Ethereum (ETH), has led to increased questions about the possibility of insider trading involving the previously trending meme coin.
The whale’s digital wallet, identified as address 0x1497, is reported to have purchased a massive 2.27 trillion PEPE tokens using only around 0.027 ETH (or $58). Interestingly, this transaction occurred within just ten minutes of PEPE’s trading initiation and was preceded by a receipt of 0.58 ETH from FixedFloat, a crypto exchange platform.
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Another notable development was reported by CoinGape recently, where a different whale investor experienced a significant loss while trading PEPE. This individual sold 468.5 billion PEPE tokens for 109 ETH (approximately $190,000) and 237.5 thousand USDT, incurring a 52% loss in the process.
The PEPE token saw steady price growth in late April, followed by a surge in early May upon Binance’s announcement of the meme coin’s listing. However, the recent series of high-volume token dumps by whale investors has added fuel to the bearish sentiment surrounding PEPE.
The negative impact of the whales’ sell-off on PEPE’s price is evident in its recent market performance. Following the massive divestment, the token’s value has seen consistent declines, underscoring the prevailing bearish sentiment. PEPE’s price has decreased by 1.12% within the last hour, 5.48% over the past 24 hours, and a significant 17.06% over the past seven days. These downward trends for PEPE potentially signal a broader negative market sentiment and may indicate the fading hype surrounding this once-popular meme coin.