The price of PEPE has fallen in the past two days, erasing some of the previous gains. The price dropped to $0.00001088, plummeting 24% within just 6 hours. This decline is part of a broader market downtrend, inspired by the behavior of whales selling in large quantities.
The token PEPE, on the Ethereum (ETH) blockchain, faced increased selling pressure. On-chain data revealed that a significant whale, identified as “0x837,” converted over 1.4 trillion PEPE tokens into ETH, valued at over $180,000. This large transaction is a bearish signal for PEPE, indicating that key holders are liquidating their positions. The ETH obtained from this sale was invested into the Compound protocol, demonstrating a long-term investment strategy.
Additionally, a whale deposited 30 billion PEPE, worth approximately $38,500, into Binance, resulting in a loss of $17,300. This was not an isolated act—the same entity had previously deposited 1.1 trillion PEPE, valued at $144,200, likely converting it to ETH. In total, the whale deposited 1.4 trillion meme coins into Binance within two days. The address “0x837” also withdrew 1,728 ETH from the exchange, valued at $58,600, bringing their total ETH holdings to 4,374 ETH, worth $149,100.
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After news involving “Roaring Kitty” broke out, the cryptocurrency surged 400%. Despite the losses, whales decided to convert PEPE into ETH, reflecting a strategic investment in Ethereum. This move shows the market’s confidence in the largest altcoin, especially with the anticipated launch of an ETH ETF in July. 