On-Chain Analysis platform, Lookonchain recently reported a significant whale transaction involving the once-trending PEPE memecoin. The whale in question sold an extensive holding of 972.84 billion PEPE tokens, sparking speculations about possible insider trading. This sale coincides with a noticeable decline in the token’s value over the past week.
Detailed data from Lookonchain reveals that the anonymous whale (address 0x1497) unloaded their entire PEPE holdings for 514 ETH, equivalent to around $848,000. The tokens were sold at a rate of $0.0000008718 per piece. Contemplating whether insider trading could be at play, it becomes essential to note that the whale received 0.58 ETH from FixedFloat and promptly used 0.027 ETH (approximately $58) to purchase an astounding 2.27 trillion PEPE tokens. This transaction notably occurred merely 10 minutes after PEPE’s first trade execution.
CoinGape highlighted another noteworthy incident from just five days ago, wherein a separate whale experienced a considerable loss trading PEPE. This event resulted in a sale of 468.5 billion PEPE tokens for 109 ETH (around $190,000) and 237.5 thousand USDT, reflecting a staggering 52% loss for the trader.
Recent whale activity in the PEPE market has seemingly exacerbated the bearish outlook for the memecoin. The high-volume sales of tokens by these whales appear to have weighed heavily on PEPE’s value. The token’s price has faced consistent downward pressure, making the consequences of these whale dumps more visible in the market.
Over the last week, the value of PEPE has observed a significant decline. Specifically, the token’s value has fallen by 1.12% within the past hour, 5.48% in the last 24 hours, and an extensive 17.06% throughout the previous seven days. These price movements seem to indicate a bearish trend for PEPE and may be discerned as a reflection of the wider market sentiment.
As always, it’s crucial to conduct thorough market research before investing in cryptocurrencies, as the information presented may contain personal opinions of the author and may be subject to ever-changing market conditions. Neither the author nor the publication are to be held responsible for any personal financial losses sustained within the volatile world of cryptocurrencies.
Source: Coingape
