Pepe $PEPE whale’s 330 billion dump – Is a sell-off on the way now?

A $PEPE whale’s major move has sparked curiosity and prompted a closer examination of the memecoin’s on-chain data. An analysis of these on-chain metrics can give us insights into the market’s true trend and the prevailing sentiment among holders and traders. Including the whale in question.

What did the whale do?

Recent data from Lookonchain revealed that a PEPE whale made a significant move less than 24 hours ago. The whale deposited 330 billion tokens, valued at approximately $2.53 million, into Kraken. This deposit typically suggests an intent to sell. In most cases, such a large transaction is likely profitable. However, in this instance, the data suggested that the whale may be selling at a loss—over $3 million.

The whale’s recent trading activity provides context for this decision. Earlier in the month, the whale had capitalized on market fluctuations by selling high and buying low. However, despite these previous gains, its current holdings have not been profitable, leading to the decision to sell off a portion of the tokens. Possibly to prevent further losses.

Interestingly, even after this significant sale, the whale still holds about 1 trillion PEPE tokens, valued at over $7 million. This means that while the whale is mitigating losses on some of the holdings, it still holds a significant position in PEPE.

This might be so because the whale is anticipating a future recovery or price hike.

On-chain data points to massive sales

An analysis of PEPE’s exchange inflows and outflows data on Santiment revealed a significant disparity between the two metrics.

Inflows refer to the deposits of PEPE tokens into exchanges, usually signaling a potential intent to sell. At the same time, outflows represent tokens being withdrawn from exchanges, typically indicating accumulation or holding.

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