A $PEPE whale's sudden decision to massively sell off the popular meme coin has caused deep concern among traders and investors around the world.
The latest on-chain tracking data shows that this whale investor sold as much as 356.2 billion PEPE at an astonishing 31 times profit, which undoubtedly reveals his pessimistic expectations for the subsequent increase in PEPE.
Despite such massive selling pressure, PEPE's market sentiment has not completely turned pessimistic.
In the past month, the price of PEPE has soared by more than 140%. This outstanding performance has made many investors still full of expectations for its future.
According to Spotonchain’s analysis, the whale investor initially purchased 375.65 billion PEPE tokens on the Gemini exchange in September 2023 for just $237,000.
After holding for several months, the investor began to sell these tokens in batches through DEX and Kraken Exchange from February 17, and eventually cashed out about US$7.54 million, achieving an astonishing return on investment.
This lucrative transaction not only attracted widespread attention from the market, but also revealed the whale investor's deep doubts about Pepe's future appreciation potential.
However, against the backdrop of an overall bullish market, especially with former President Trump’s support for the cryptocurrency community and the market optimism brought about by his re-election campaign, the future trend of PEPE is still full of variables.
As of this writing, the PEPE token price has dropped by nearly 2% and is currently trading at $0.00002038.
This drop is in stark contrast to the selling behavior of whales. Despite the large intraday price fluctuations, PEPE's weekly and monthly gains reached 8% and 144% respectively, which eased investors' nervousness to a certain extent.
In addition, CoinGape Media’s latest analysis points out that as market attention continues to increase, PEPE is expected to experience more significant gains.
The analysis believes that in the current bull market cycle, whales’ accumulation of Pepe has increased significantly, which indicates that the token still has large room for growth in the future.
Despite the selling pressure, everyone remains confident in PEPE's future and expects it to continue to climb to new heights.
Although the massive sell-off by Pepe Whale has caused short-term concerns in the market, the bull market pattern of the token has not changed in the long run.
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