Pepe Coin Whales Are Gradually Dumping Holdings
NAIROBI (CoinChapter.com) – Pepe Coin’s price soared by 126% in May and blockchain data analytics firm Santiment’s chart reveals that large holders, or “whales,” are gradually offloading their PEPE holdings. The crypto markets are seeing a green wave, and meme coins are leading the bull run. PEPE remains the top performer with significant growth. This raises questions about its future: will PEPE hit a $10 billion market cap, or is a pullback imminent?
In the past three months, Pepe Coin (PEPE) has seen its price jump from $0.0000065 to $0.00001486, marking a significant increase of 128%. This surge has attracted considerable attention from investors and traders. Amid this rise, entities holding over 1 billion PEPE tokens are reducing their holdings.
Source: Santiment
According to Santiment’s data, the supply of PEPE held by whales (wallets with over 1 billion tokens) has steadily declined. These large holders seem to be either redistributing funds across multiple wallets or cashing out portions of their holdings to capitalize on the price pump.
Pepe Coin (PEPE) is facing a significant market correction. Its price dropped 6.86% in the last 24 hours, bringing its current value to $0.00001486. This downturn comes amidst a high trading volume of $2.0 billion, a 21.19% increase, indicating heightened volatility and potential profit-taking by early investors. This dip raises concerns among investors, especially considering the recent activity of PEPE whales, large holders of the token.
PEPE/USD price chart. Source: TradingView
Despite the price drop, PEPE’s market capitalization remains relatively stable at $6.2 billion. This suggests continued confidence in the meme coin’s long-term potential. However, the recent price drop and high trading volume could indicate a shift in market sentiment. This could potentially signal the beginning of a bearish trend.
Pepe Coin On-Chain Data Reveals Whale Activity
While the PEPE price soars, on-chain data from Spot On Chain indicates notable activity involving the token. The PEPE development team has been selling substantial amounts of PEPE. This often precedes price drops. Since late February, the team has offloaded 282.8 billion PEPE ($2.28 million) at an average price of $0.000008067 on Binance and decentralized exchanges (DEXs).
Spot on chain’s post on X
Most recently, after the token’s price surged 134% in 30 days to a new all-time high, the development team sold 21.49 billion PEPE ($355,000) on Binance and DEXs. Currently, the team holds 2.52 trillion PEPE ($42.7 million).
Certainly, this whale activity raises questions about the sustainability of PEPE’s bull run. While the meme coin’s market cap nears $10 billion, a significant increase of 57% from its current price would be required to reach this milestone. A post-retest reversal with a surge in demand could potentially propel PEPE to $0.00002377 this June. However, the whales’ actions may introduce volatility and uncertainty.
The post Pepe Coin Whales Are Gradually Dumping Holdings Amid Price Pump appeared first on CoinChapter.
