One of the largest holders of Pepe coins dumped $2.53 million worth of PEPE tokens, which it has to write off because of the current low prices of cryptocurrencies. As per Lookonchain, the whale transferred 330 billion PEPE tokens to the Kraken exchange, and it still possesses 1 trillion PEPE tokens worth about $7.57 million.
The latest actions of the whale have raised eyebrows in the community. First, they sold 500 billion PEPE tokens and then purchased 828 billion tokens for a cheaper price.
This took their total stakes to 1.3 trillion PEPE, which is approximately $9.9 million. But even with these transactions, the whale ended up on the wrong side of the ledger with a loss of more than $3 million.
There is a strong impact from the large players or ‘whales’ in the market. Their transactions affect the market, and large deposits to exchanges such as Kraken, Binance, or Coinbase may cause further selling pressure.
According to crypto users, the decline in the prices of cryptocurrencies is the main reason that led to the sale of the whale. Nonetheless, the whale has a large number of PEPE tokens even after the loss of 95% of its value. Meme coins such as PEPE are very volatile and their price changes are likely to be influenced by market forces and sentiments.
Currently, the PEPE price is at $0.00000778, which is up only 1.41% in the last 24 hours despite the overall market decline. The prices of Bitcoin have gone below $59000 before a slight rebound while Ethereum and Solana have also pulled back in price.
The market is still under pressure as leading cryptocurrencies have bearish trends, which shows the continued instability in the crypto space.
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