In the context of the cryptocurrency bull market, a Pepe Coin whale decided to sell off a large amount of the meme token, raising serious concerns among global traders and investors. The latest on-chain data from trackers shows that a whale sold 356.2 billion PEPE for a 31-fold return, indicating a loss of confidence in further increases for the token. Nevertheless, despite the large sell-off of PEPE, the overall market sentiment towards the price remains optimistic, as the token has risen over 140% in the past month.
Pepe Coin whale sells 35 trillion tokens, raising market concerns.
According to data from Spotonchain regarding X, it has been reported that a whale deposited 356.2 billion frog-themed meme tokens worth $7.3 million into the cryptocurrency exchange Kraken. According to the data, whale address 0x5b75….fbda was recorded as having conducted the transaction, and his cryptocurrency investment gained a 31-fold return.
It is worth noting that in September 2023, this whale address acquired 375.65 billion tokens from the cryptocurrency exchange Gemini for a mere $237,000. Subsequently, the trader began selling the meme tokens through DEX and Kraken starting from February 17, cashing out a total of $7.54 million.
It is noteworthy that this profitable trade has drawn attention, highlighting the loss of confidence of Pepe Coin whales in the asset's upward potential. However, it is worth mentioning that in the context of a bullish fourth quarter and the support for cryptocurrencies from Donald Trump's re-election to the White House, the overall market sentiment towards the future price of cryptocurrencies remains optimistic.
What will be the next movement of PEPE price?
As of the time of reporting, the PEPE price has dropped nearly 2%, currently at $0.00002038. This weakening trend aligns with the substantial sell-off pressure brought about by the aforementioned whale sell-off. Notably, the token's intraday low and high were $0.00001971 and $0.00002102, respectively. However, the cryptocurrency's weekly and monthly charts show increases of 8% and 144%, respectively, triggering optimism among investors. Broader charts highlight the sustained bull market of the leading meme token, eliciting distinctly different sentiments following the sell-off.
Additionally, CoinGape Media's recent analysis of PEPE's price further indicates that with increased market interest, the meme token could rise by 7 times. Notably, the analysis shows that during bullish market cycles, whale accumulation of Pepe Coin has significantly increased. Overall, cryptocurrency enthusiasts continue to pay attention to this token, and despite facing sell-offs, further increases are expected as market statistics suggest that meme tokens have not yet peaked.
