Pepe Coin Whale Dumps 330 Billion PEPE, Sparks Market Selloff Concerns
A major Pepe coin whale offloaded 330 billion PEPE tokens worth $2.53 million at a loss, amid broader negative market sentiment. On-chain data reveals that the trader has lost approximately $3 million from previous PEPE transactions and still holds a substantial 1 trillion PEPE valued at $7.57 million.
The whale deposited the tokens to the Kraken exchange, raising alarms within the crypto community, as large movements by whales often signal potential market instability. Earlier, the same trader had sold 500 billion PEPE before buying 828 billion tokens, bringing their total holdings to 1.3 trillion PEPE worth about $9.9 million. The recent selloff comes amidst declining prices of major cryptocurrencies like Bitcoin and Ethereum.
The whale’s actions reflect the volatile nature of meme coins, where price swings are heavily influenced by sentiment and large asset movements. Despite the selloff, PEPE’s price showed resilience, trading at $0.00000727 with a slight 1% uptick in the last 24 hours.
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