PEPE Whale Cuts Losses with Another Kraken Deposit
A significant PEPE whale, identified by the address 0x689d6140131b2a5eb2fb899b1b180ea23b2b869b, has made another substantial move. Just 16 hours ago, the whale deposited a massive 500 billion PEPE tokens, worth approximately $4.02 million, into cryptocurrency exchange Kraken.
However, this transaction comes with a bitter pill to swallow. Despite this latest deposit, the whale is still sitting on a substantial loss of $2.26 million, representing a staggering 27.2% decline in their overall PEPE investment.
A deeper look into the whale's trading history reveals a complex story:
Between March 16 and June 9, 2024, the whale withdrew a colossal 750.35 billion PEPE tokens from Kraken at an average price of $0.00001106, amounting to a total cost of approximately $8.3 million.
Since March 17, 2024, the whale has gradually deposited a total of 500.02 billion PEPE tokens back into Kraken at an average price of $0.000008031, amounting to $4.02 million.
The whale's current position is precarious. With 250.33 billion PEPE tokens still in their possession, valued at around $2.02 million, the overall picture is one of significant losses.
It remains to be seen whether this latest deposit is a strategic move to average down the purchase price or if the whale is planning to exit their PEPE position entirely.
