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Home»ALTCOIN NEWS»PEPE Diamond Hand Sells 170.2 Billion Tokens: Is a Downturn Coming?
ALTCOIN NEWS

PEPE Diamond Hand Sells 170.2 Billion Tokens: Is a Downturn Coming?

By Crypto FlexsJuly 27, 20243 Mins Read
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PEPE Diamond Hand Sells 170.2 Billion Tokens: Is a Downturn Coming?
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  • A smart money trader sold 170.2 billion PEPE, making a profit of $1.77 million.
  • PEPE completed the consolidation with 77% of PEPE holders profiting.
  • A balanced order book in the spot market shows indecision.

PEPE (PEPE) is likely to see a price change after completing the consolidation phase. Ranked 25th on the cryptocurrency global charts, PEPE reached a weekly low of $0.00001102 on the evening of June 25, 2024.

Since then, Mimecoin has seen a 4% gain, but a suspiciously large transfer uncovered by LookOnChain yesterday has holders nervous: a major Ethereum player who qualifies as a crypto whale has decided to sell a whopping 170.2 billion PEPE tokens for $1.97 million in Circle USD (USDC).

This resulted in a huge profit of $1.77 million for the trader, which is an ROI of up to 886%. Conversely, the Ethereum (ETH) whale used 200K USDC stablecoins to acquire 170.2 billion PEPE tokens on October 26, 2023, which did not move until June 25, 2024.

Will other major companies join in?

Selling pressure from the largest cryptocurrency holders selling their holdings is a common occurrence in volatile altcoin markets, but PEPE is somewhat unique as the frog-themed Mimecoin boasts unusually high trading volumes.

PEPE emerged as the 8th cryptocurrency by volume alone, with a net buy of $1,193,540,356 in the last 24 hours. This puts PEPE in the same category as top altcoins like BNB (BNB) and XRP (XRP), while other cryptocurrencies don’t tend to break the billion dollar mark on a typical day.

Fun fact: $Pepe We handle more trading volume on our own every day than all ETH ETFs combined. 🐸

— Brian Garrett (@BrianGarrett) July 26, 2024

Judging by the buy and sell orders over the last 24 hours, PEPE has not been exposed to any significant selling pressure. The volume of PEPE transactions has increased significantly since July 23, 2024, which suggests that there is a movement by ETH whales.

At the time of writing, the 25th ranked PEPE is trading at $0.00001188 according to CoinGecko. Despite a 5.8% month-over-month decline, memecoin is still up 845% from exactly one year ago.

On the other side

  • In addition to its huge spot volume, PEPE is a popular choice for derivatives traders.
  • PEPE is leading the meme coin segment today with $1.76 billion in derivatives volume.
  • Despite its popularity, the PEPE token is not listed on spot trading products on eToro or Coinbase.

Why this matters

Part of Pepe’s success comes from the fact that the coin was inspired by the iconic Pepe The Frog internet meme. The popularity of this meme token makes it a memento of internet culture.

Get the latest cryptocurrency news from DailyCoin:
XRP Holders Are Uneasy As SEC Meeting Ends Unclearly
Community is in a state of puzzle as X Bitcoin emoji is removed

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