The price of PEPE has experienced a decline over the past two days, erasing some of its earlier gains.
The price dropped to $0.00001088, representing a 6% decline in just 24 hours. This decline is part of a broader market downtrend, which was reinforced by the actions of a whale who sold a large amount of PEPE tokens for Ethereum (ETH), increasing selling pressure.
On-chain data revealed that a large whale, identified as “0x837”, converted over 1.4 trillion PEPE tokens into ETH, worth over $18 million. This significant transaction is a bearish signal for PEPE, suggesting that significant holders are offloading their positions. The ETH obtained from this sale was staked in the Compound protocol, indicating a long-term investment strategy.
Additionally, the whale deposited 300 billion PEPE, worth approximately $3.85 million, into Binance, resulting in a loss of $1.73 million. This is not an isolated action, as the whale had previously deposited 1.1 trillion PEPE, worth $14.42 million, likely converting them into ETH. In total, the whale has deposited 1.4 trillion of the meme coin into Binance within two days. The address “0x837” also withdrew 1,728 ETH, worth $5.86 million, from the exchange, bringing their total ETH holdings to 4,374 ETH, worth $14.91 million.
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After news of involvement by “Roaring Kitty”, the cryptocurrency surged by 400%.
The whales’ decision to convert PEPE into ETH, despite the incurred losses, reflects a strategic investment in Ethereum. This move indicates market confidence in the largest altcoin, particularly with the expected launch of spot ETH ETFs in July.
