Pepe Whale Sells 254.65 Billion Tokens: A Sign of Bearish Momentum?

A significant whale has sold 254.65 billion Pepe tokens worth $5.15 million, raising concerns about the future trajectory of the meme coin’s price as the broader crypto market declines.

Whale Selloff Raises Concerns

Over the past week, Pepe has seen a sharp decline, with its price falling from a high of $0.00002567$ to a low of $0.000018. This reversal has triggered panic selling, especially among large holders.

Recent data reveals that a whale transferred 254.65 billion tokens worth $5.15 million to Binance in 24 hours. Such transfers usually indicate plans to sell, which can create significant selling pressure, leading to further price declines.

Why do whales sell?

Selling occurs during a broader market downtrend, where many assets are struggling to maintain their value. Whales often sell during such periods to minimize losses or lock in profits from previous gains. This behavior can exacerbate market corrections and put downward pressure on prices.

The impact on Pepe’s price

The increased selling pressure has negatively impacted Pepe’s price. At the time of writing, Pepe is trading at $0.00001863, representing a daily decline of 7.80% and a weekly decline of 7.56%.

Source: Coinglass

Market sentiment appears to be shifting from bullish to bearish:

Short positions dominate, accounting for 53% of the market, indicating that traders are betting on further price declines.

Source: Santiment

The MVRV (Market Value to Realized Value) ratio for long-term holders has dropped from 39 to 35 over the past week, suggesting a lack of confidence in the coin’s future potential.

Source : Coinglass