The downturn in the digital currency market has finally caught up with Pepe Coin, as recent activity from one of its major whales reveals a large selloff, casting a further shadow on the token’s future.
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According to updates from Lookonchain, the whale’s actions have added to the growing sense of pessimism surrounding the memecoin. The whale, identified as a key player in the PEPE market, offloaded 150 billion tokens, valued at over $1.14 million, during early trading. Notably, this investor had originally purchased a staggering 1.5 trillion PEPE for just over $2,000, a stake that peaked in value at $43 million.
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To date, the whale has sold 1.02 trillion tokens, netting $6.66 million. Remaining with 493 billion PEPE, the current value of these tokens is $3.64 million, yielding a massive profit of $10.3 million, or 4,718 times the initial investment.
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Large-scale selloffs from whales often signal a lack of confidence in the asset, and this move is unlikely to inspire much optimism for PEPE. While such sell-offs are not unusual for memecoins, the timing of this one only exacerbates the negative sentiment surrounding PEPE.
In terms of price, Pepe Coin continues to struggle. Despite a brief moment of hope earlier this week when another whale accumulated 500 billion PEPE tokens, the coin is now trading at just $0.0000073, down by 5.57% in the past 24 hours. Although the token has shown some minor gains over the past week, it has seen a staggering 62% decline since the start of the year.
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The future of PEPE remains uncertain.
Unless the whale sell-offs subside and the broader market for memecoins experiences a turnaround, the token may continue to face difficulties in regaining its former highs.
Alexander Stefanov
