While the majority of the coins in the market are enjoying notable rallies, PEPE is suffering from heavy selling pressure impacted by large whale transactions. According to a recent update, a massive whale just dumped a whopping 9 trillion PEPE tokens to the Bybit exchange.
This staggering transfer has raised conjectures among market participants. Significant sell-offs like this often impact the price trajectory of an asset, and in the case of PEPE, its value has declined since the mentioned transaction was completed. For the past few months, Pepe positioned itself as one of the top gainers, however, these continuous dumps are beginning to affect its movements. Let us analyze this below.
PEPE Whale Moves Over $82 Million Worth
According to data shared by Whale Alert, a blockchain large transaction tracker, this large investor transferred exactly 9 trillion PEPE coins, valued at $82.17 million from an ‘unknown’ wallet to the UAE-based centralized crypto exchange, Bybit.
9,000,000,000,000 #PEPE (82,170,000 USD) transferred from unknown wallet to #Bybithttps://t.co/vpbrzjmnX6
— Whale Alert (@whale_alert) July 10, 2024
The fourth-highest earning crypto exchange in Q2 2024, Bybit, has been receiving a substantial amount of PEPE from this whale in the past few days. This has raised concern among investors who are worried about the short-term impact on their favorite memecoin. While the reason behind this action is unknown, it can be said that the whale might be cashing in on previously realized gains from the past month, or the investor is probably selling off his holdings to open positions on other promising coins.
Meanwhile, this whale is not the only one active in the PEPE market. Arkham Intelligence, a sophisticated blockchain transaction reporter, highlighted that a PEPE whale with the address ‘0x2da’ previously staked about 2 trillion PEPE coins, valued at $18.42 million, into Sophon Atomicals, a blockchain project. Interestingly, this whale only spent $2.33 million to purchase this much PEPE last year consequently having an unrealized profit of more than $16 million.
How Has PEPE Performed in the Last 24 Hours?
Against the backdrop of these large whale movements, the price of PEPE lost about 1.2% of its value. However, at the time of writing, PEPE has come back up, cleaning up its previous losses. According to data from CoinMarketCap, PEPE is currently trading at $0.000009188, signifying a 1.62% increase.
Moreover, PEPE has recorded lows and highs of $0.000008809 and $0.000009423 in the last 24 hours. The current price of PEPE is still about 46% below its all-time high of $0.00001717 reached in May 2024. At press time, Pepe’s market volume crashed by 33.32% to $659.7 million while maintaining a market cap of $3.8 billion.
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