Trending memecoin, PEPE, experienced a sharp decline in its price after a whale significantly dumped almost 2 trillion tokens in exchange for Ethereum (ETH).
In a surprising turn of events, a crypto whale carried out a massive sell-off, doing away with a staggering amount of PEPE tokens and consequently impacting the price of the asset.
Whale dumps PEPE for ETH
According to updates from Spotonchain – an on-chain analytic platform, the whale who is an early investor in PEPE dumped exactly 1.731 trillion tokens (worth $1.74 million) for 742.6 ETH.
Whale 0xedc just dumped 1.731T $PEPE ($1.74M) for 742.6 $ETH at ~$0.0₅1004 in the past hour.
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Notably, the whale bought those $PEPE at only ~$0.0₆5406 ($936K) in Apr and May 2023.
The whale realized $802.5K (+85.7%) in profit after the sales.
Follow @spotonchain now and check… pic.twitter.com/0L4xyrySog
— Spot On Chain (@spotonchain) January 31, 2024
Recall that PEPE was launched in April 2023, and immediately gained traction among investors, shooting its market cap above $1 billion shortly after its inception.
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Per the report, the whale accumulated 1.73 trillion PEPE during its early days for $0.00000005406 per token. At the time of the purchase, the total amount was worth $936,000.
However, the whale has let go of its holding, pocketing over $700,000 or 70% in profits. The PEPE tokens were exchanged for 742.6 ETH $0.000001004 in recent hours.
PEPE price experiences a sharp decline
Following this dump, the price of PEPE took a nosedive plummeting over 10% in the last 24 hours. At press time, data from Coinstats show that PEPE is currently trading at $0.00000094.
Since reaching a high of $0.000001015 on January 11, the price of the token has been on a steady decline. Bears wreaked havoc on the market soon after the approval of the Bitcoin spot ETF, exacerbating the falls. The declines caused PEPE to hit almost three-month lows and for it to lose its daily moving averages.
Meanwhile, speculations surrounded PEPE over the weekend as it spotted some suspicious activities on the PEPE deployer. However, PEPE asserts that it is not connected to any other projects or tokens and that neither these transactions nor any upcoming ones from the deployer wallet are related to the company’s remaining members.
PEPE has a 24-hour trading volume of $96,224,480 ($96 million) and a live market cap of $396,944,010 ($396.9 million).
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Victor Swaezy
Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.