The meme coin sensation, PEPE, has been on a rollercoaster ride, reaching new heights while facing a massive whale dump.
Just as PEPE was climbing to its all-time high of $0.00002524, giant whales began unloading billions of tokens on major cryptocurrency exchanges. A staggering 1 trillion PEPE coins, worth millions of dollars, were offloaded by these whales, raising concerns about the future trajectory of the meme coin.
Whale Watch: A Trillion-Dollar Dump Shakes PEPE
According to on-chain data, a whale transferred a massive 526.2 billion PEPE’s tokens, valued at $10 million, to Binance. This transaction followed a week-long holding period, and the whale reportedly pocketed a tidy profit of $5 million.
Read more:PEPE’s Post-Coinbase Listing: A Profit-Taking Frenzy!
But that wasn’t all. Another whale unloaded an even larger chunk of 500 billion PEPE tokens, worth $11.73 million, to Coinbase. This particular whale had been holding the tokens since 2023, having acquired them for a relatively modest 1,170 ETH ($2.12 million).
PEPE’s Meteoric Rise and the Impact of Major Exchange Listings
PEPE’s recent surge in popularity can be attributed to its listing on major cryptocurrency exchanges like Coinbase, Robinhood, and Upbit. This increased accessibility fueled a buying frenzy, driving the price to new heights.
Read more:PEPE’s Meteoric Rise:Pepe coin Takes the Crypto World by Storm!
However, the massive whale dumps have cast a shadow over PEPE’s future. While the meme coin has shown immense potential, it’s crucial to approach it with caution. As Santiment warns, the dominance of meme coins in the market often indicates “greed and emotional trading.”
Read more:PEPE Poised for a Shiba-Sized Surge? Analyst Predicts 858% Gain!
Investors should exercise prudence and conduct thorough research before investing in meme coins like PEPE. The cryptocurrency market is highly volatile, and prices can fluctuate rapidly.
