PEPE may rise again if horizontal support holds.
Lookonchain data shows that a single wallet address holding 1 trillion PEPE tokens transferred $8.5 million worth of the meme coin to Kraken this week.
This type of transaction often indicates that significant coin holders are selling. Exchanges are more liquid than DEXs for this volume.
This wallet address made nearly $12 million in late December by taking advantage of the $PEPE drop on December 19. This investor bought the token back days later at a discounted price and eventually accumulated nearly 1.42 trillion coins.
Based on his past behavior, the whale’s transfer of many tokens to Kraken, which is likely to be sold, indicates a much larger drop for PEPE in the coming days.
PEPE may rise again if horizontal support holds.
The current decline has hurt meme coins in general. Their total market cap has dropped from $121 billion to $97.3 billion in 30 days.