This major selloff has somewhere created a state of panic among traders and investors highlighting the loss of confidence in Pepe Coin by the Whale.
It is noteworthy that the analysts stated that the whale accumulations for Pepe Coin have been on a significant rise in this bull cycle.
The market enthusiasts of this industry have carried on to eye the token, expecting further gains regardless of the recent selloff as the coin’s chart shows that it has not yet excelled.
Amid the continuing rising crypto market, the news of selling Pepe Coin by a whale has ignited concerning discussions among traders and investors all over the globe. The Spotonchain data revealed that a whale sold around 356.2 billion PEPE in exchange for a 31x return.
The event has raised concerns over losing confidence in the further gains of the token. After all, the market still shows confidence in the PEPE price despite this recent selloff. Also, the coin has raised more than 140% in November 2024.
The transactions over different exchanges
As per the latest on-chain data tracker post on X, a whale has recently deposited a significant amount of 256.2 billion PEPE coins, whose worth is estimated to be $7.3 million, to a prominent crypto exchange. Moving forward with the data, the whale address 0x5b76….fbda has made the transaction looking for a 31x return on his crypto investments.
It is noteworthy that this whale has so far collected 375.65 billion tokens from a crypto exchange for just $237K in September last year. Following this, the trader started to dump PEPE coins through two different exchanges commencing from February 17, making a total money of about $7.54 million.
This step has somewhere created a state of panic among traders and investors highlighting the loss of confidence in Pepe Coin by the whale. However, it has not affected the wider market sentiment over the future price of the crypto to its extent.
A dig into PEPE’s price
At press time, the price of PEPE is 1.11% up in the last 24 hours and is hovering around $0.0000205. This also shows that big harm to the price has not been done after the massive whale selloff.
The lowest price in the last 24 hours was recorded at $0.00001971 and the highest price recorded was $0.00002102. In the past 7 days, a significant gain of about 8%, and in the past month it gained 144%.
It is speculated by some market analysts that the memecoin can rally 7x following the increased market enthusiasm. It is also noteworthy that the analysts further stated that the whale accumulations for Pepe Coin have been on a significant rise in this bull cycle.
Concluding all this, the market enthusiasts of this industry have carried on to eye the token, expecting further gains regardless of the recent selloff as the coin’s chart shows that it has not yet excelled.
