Pepe Coin price slipped over 6% after a whale dumped a staggering 366 billion PEPE into Binance, noting a profit of about 985%.
The price of Pepe Coin, the market leader in meme coins, has dropped significantly today. Significantly, the PEPE price decline coincides with investors capitalizing on profit-booking opportunities, resulting in a 6% reduction in the coin’s value.
In the interim, this decline follows a substantial divestment by a whale, which sparked market speculation regarding additional price fluctuations.
Pepe Coin Price Slips Amid Whale Dump
SpotOnChain, an on-chain transaction monitoring platform, has recently reported that a Pepe Coin whale has deposited an astounding 366 billion PEPE into Binance, valued at $5.31 million.
Notably, the report implies that this action may represent a divestment by the significant holder, particularly considering the substantial appreciation of the Pepe Coin in recent days.
Conversely, this transaction facilitated the whale in attaining an approximate profit of $4.84 million, representing an extraordinary increase of 985%. Furthermore, the report emphasizes that this whale employed the same deposit address as two other astute traders who recently profited from PEPE.
However, the recent upswing in the value of the meme coin presented a favorable circumstance for several PEPE investors to realize profits. Nevertheless, this surge in significant transactions has led to a reduction in price.
According to the SpotOnChain report, an additional astute trader transferred 660.71 billion PEPE into Binance for $9.01 million after the 14% decline in price on May’s conclusion.
Early in May, at an estimated cost of $4.57 million, this trader withdrew the PEPE from Binance and MEXC. They did so to generate a profit of $4.44 million, or 49.3%.
What’s Next?
The market has exhibited a varied response to these significant depletions, as confident investors have voiced apprehension regarding the possibility of additional contractions.
The substantial profits amassed by these whales suggest a discernible trend of strategic trading that has the potential to impact the market dynamics of the coin.
Nevertheless, stakeholders diligently observe the situation to predict the subsequent actions of these substantial holders. Pepe Coin’s recent price increase was also influenced by speculative trading and heightened market interest in meme coins, among other factors.
However, the influx of substantial whale sale orders has dampened this enthusiasm. Currently, the market is in flux, with numerous speculators awaiting the outcome of the price decline, which may persist or stabilize.
As of the time of writing, the Pepe Coin was trading at $0.00001434, down 6.02% on the day, and had a volume of transactions of $1.28 billion, an 18% decrease.
In contrast, the PEPE price has increased by approximately 70% over the past thirty days, reflecting traders’ expanding confidence in the meme coin with a frog motif. CoinGlass data revealed that the Pepe Coin Open Interest decreased by 6.83% to $159.02 million.
