500B Pepe Coin Dump Sparks Concerns Over Meme Coin Selloff
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PEPE surged 75% after major exchange listings, sparking excitement and concern.A whale dumped 500B PEPE coins, booking $45 million in profit.
Rising social chatter and liquidations signal a potential meme coin selloff ahead.
Recently, Pepe Coin experienced an incredible 75% surge in one day. This massive jump followed listings on major exchanges like Coinbase and Robinhood. However, behind the excitement, something troubling is brewing. A large holder, or whale, recently dumped 500 billion PEPE coins, making $45 million in profit. This move raises fears that other whales could follow suit, triggering a broader selloff across meme coins.
Whale Cashes Out with $45 Million ProfitWhales have started selling off their massive PEPE holdings. One whale recently sold 500 billion PEPE coins for $11.8 million. This whale had accumulated 2.01 trillion PEPE tokens between May and September 2023. The initial investment was 1,170 ETH, worth $2.12 million at the time.
Even after the sale, this whale still holds 1.48 trillion PEPE, worth $33.2 million. With a 20x return on investment, the total profit from this move is estimated at $45 million. This suggests whales are shifting from long-term holding to cashing in. Such moves often signal a potential market correction.
Warning Signs of a Meme Coin Selloff?
Pepe Coin’s price surge is part of a larger trend. Other meme coins like DOGE, FLOKI, and BONK also saw big gains in recent days, with some rising over 100%. But the meme coin market is now filled with FOMO and greed, which often leads to sharp pullbacks.On-chain data from Santiment shows an increase in social discussions about meme coins.
