The price of frog-themed meme coin Pepe Coin fell more than 6% today after a whale poured a staggering 366 billion PEPE into Binance, making a profit of about 985%.
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Pepe Coin price is down over 6% today as whales continue their profit-taking strategy.
A PEPE whale dumped 366 billion tokens on Binance exchange.
The massive sell-off by whales follows a long period of PEPE price appreciation, sparking speculation of a possible future decline.
As a leader in the meme coin space, Pepe Coin’s price has seen a notable drop today. Notably, the drop in PEPE’s price came as investors seized the opportunity to take profits, causing the coin’s value to drop by 6%. At the same time, this drop came after a massive sell-off by whales, sparking speculation about further price movements.
Whale selling causes Pepe Coin price to drop
According to a recent report by SpotOnChain, an on-chain transaction tracking platform, a Pepe Coin whale deposited 366 billion PEPE worth $5.31 million to Binance. Notably, the report suggests that this move may be a sell-off by a large holder, especially as Pepe Coin has seen a sharp rise in the past few days.
At the same time, this transaction also made the whale a profit of approximately $4.84 million, an increase of 985%. In addition, the report also pointed out that the deposit address used by this whale is the same as that of two other smart traders who recently profited from PEPE.
In other words, the recent surge in meme coin prices created a good opportunity for several PEPE investors to take profits. However, the influx of large transactions caused the price to fall.
SpotOnChain reported that another savvy trader deposited 660.71 billion PEPE, worth $9.01 million, into Binance after the price dropped 14% in late May. The trader withdrew PEPE from Binance and MEXC in early May, with an estimated cost of $4.57 million and a profit of $4.44 million, or 49.3%.
What's next?
The market’s reaction to these massive sell-offs has been mixed, with some investors expressing concerns about the potential for further declines. The massive profits made by these whales indicate a strategic trading pattern that could affect the market dynamics of the coin.
However, investors are watching the situation closely, trying to predict the next move of these large holders. In addition, Pepe Coin’s recent rally has been driven by a variety of factors, including increased market interest in meme coins and speculative trading.
However, an influx of large sell orders from whales seems to have dampened the enthusiasm. The market is now in a state of flux, with many traders waiting to see whether prices will stabilize or continue to fall.
As of writing, Pepe Coin price is down 6.02% to trade at $0.00001434, with trading volume down 18% to $1.28 billion. However, over the past 30 days, PEPE price has risen by about 70%, reflecting traders’ growing confidence in the frog-themed meme coin. Meanwhile, CoinGlass data shows that Pepe Coin open interest fell 6.83% to $159.02 million.
