- Leading PEPE custodian sells 1.4T PEPE tokens in a series of Binance deposits.
- Analysts expect further market turmoil due to the impact of the BTC sell-off.
- PEPE Coin jumped back into the green zone this Wednesday with a relief rally of 9%.
Pepe (PEPE) has piqued the curiosity of cryptocurrency analysts today as a large holder claims to sell his holdings in a series of large transactions. Large holders, known as cryptocurrency whales, tend to influence overall sentiment by selling or buying large quantities almost immediately, mirroring price trends.
In this case, one giant PEPE whale dumped 700 billion PEPE coins into Binance, the largest cryptocurrency exchange by trading volume. First discovered by blockchain analytics platform LookOnChain, the whale deposited $7.83 million worth of PEPE into Binance in the early hours of June 25, 2024.
With losses of around $3.47 million, the whale made a massive selling move before PEPE leapt back into green territory with gains of 9.5% in the last 24 hours. Additional on-chain investigation by DailyCoin reveals that the same cryptocurrency addresses are continuing to sell massive PEPE today.
Major players bid farewell to 1.1T PEPE coins
Major PEPE holders have decided to sell most of their remaining frog-themed digital assets. Daily Coin After digging deeper into Arkham’s on-chain records, we discovered that three consecutive PEPE deposits had been made to Binance five hours ago.
The whale deposited 400 billion PEPE tokens twice and deposited 300 billion PEPE coins a third time. This results in 1.1T PEPE coins, equivalent to $14.24 million at stamp trading time. Even after depositing this huge amount of PEPE, the whale still has 300 billion PEPE worth $3.83 million in its on-chain wallet.
As cryptocurrency analysts dig deeper into the reasons behind PEPE’s massive sell-off, Mt. We believe that the combination of Gox’s asset sale, the German government’s Bitcoin (BTC) sale, and the recent dominant negative trends could potentially lead to further market turmoil. In the Bitcoin Exchange Traded Fund (ETF) market.
According to CoinGecko, PEPE is trading at $0.00001266 at the time of writing. PEPE, which rebounded 9% on Wednesday, still has a lot to overcome to overcome its 25% monthly deficit.
On the flip side
- While macroeconomic factors related to Bitcoin selling are putting certain selling pressure on altcoins, 86% of PEPE holders are currently profiting from this price range.
- In the derivatives market, the PEPE token ranks as the fourth most traded digital asset, with a daily trading volume of $4.42 billion across 1000 PEPE and PEPE smart contracts.
Why This Matters
PEPE Coin is the most successful major cap meme coin to date, delivering a 710% return in the most recent 365-day period.
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