A significant sell-off by a PEPE Coin whale has left the cryptocurrency community speculating about future price movements and market stability. The whale reportedly dumped 85 billion PEPE tokens, valued at approximately $1.51 million, resulting in substantial losses. According to Lookonchain, the trader still holds 180.8 billion tokens worth around $3.2 million, reflecting unrealized losses of $1.74 million.
As the market dropped, a whale sold 85B $PEPE for 1.51M $USDC at a loss 1 hour ago.
— Lookonchain (@lookonchain) January 9, 2025
This whale still holds 180.8B $PEPE ($3.2M) and has incurred a total loss of $1.74M.https://t.co/pt1BIxEr2v pic.twitter.com/0QKE3Tlu20
This transaction is the latest in a series of high-volume activities involving PEPE whales. Earlier this week, another whale deposited 427 billion tokens into Kraken, valued at nearly $8.5 million, while still retaining over 1 trillion tokens. This whale, previously in profit by $2 million, has historically seen significant gains of up to $11.7 million on PEPE.
The recent sell-off has contributed to downward pressure on PEPE Coin’s price. Trading at $0.00001766, PEPE is down 3.10% in the past 24 hours and 13.87% over the last week. Market indicators such as Open Interest (-4.52%) and trading volume (-21.98%) suggest a bearish trend. Analysts attribute the price decline to a loss of momentum after breaching the $0.00002062 support level, triggering further free-falls.
Adding to the market’s uncertainty is heightened volatility, currently at 11.79%, and mixed sentiment indicators. The Fear & Greed Index shows a “greedy” sentiment at 69 points, yet bearish signals dominate.
Meanwhile, Bitcoin (BTC) faces similar selling pressure following the U.S. Government’s sale of seized BTC worth $6.7 billion. Despite concerns over potential price drops, prominent figures like El Salvador’s President Nayib Bukele and author Robert Kiyosaki view the dip as an opportunity to accumulate BTC at a discount.
As the crypto market navigates these volatile waters, experts remain cautiously optimistic. Speculation about pro-crypto policies under the incoming U.S. administration has fueled hope for a market rebound. For PEPE and other meme coins, recovery hinges on renewed investor confidence and broader market stability.
Also Read: Pepe (PEPE) Whale Moves $8.5M to Kraken: Will This Trigger a Price Rally or Further Decline?
For now, PEPE holders watch closely, wondering whether the whales’ next moves will stabilize or further shake the meme coin’s fragile footing.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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