Half a Trillion Pepe Transfer Stuns Major US Exchange

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As a seasoned crypto investor with battle-tested nerves and an eye for market trends, I’ve seen my fair share of whales swimming in and out of the meme coin pond. The recent mass transfer of Pepe Coins (PEPE) has caught my attention, not just because it’s a frog-themed meme coin, but due to its sheer magnitude and the mysterious whale behind it all.

In the past day, there was a significant upheaval in the market for meme coins, with a massive transaction of Pepe Coin (PEPE) taking place. According to data from Lookonchain, a prominent investor offloaded an enormous 500 billion PEPE, equivalent to approximately $4 million, immediately to Kraken, a leading U.S. cryptocurrency exchange.

In a swift 15-minute span, a massive transaction involving half a trillion meme coins with a frog theme was finalized. Notably, this rapid action followed the whale’s previous accumulation of approximately 750.38 billion PEPE, valued at roughly $8.34 million, which it had acquired through Kraken purchases prior to this unexpected move.

The latest divestment, however, leaves the holder with a much smaller position of 250.33 billion PEPE, currently valued at $2.02 million. As things stand, this big sell-off cost the whale over $2.3 million.

Pepe Coin (PEPE) price outlook

Over the past day, the value of the well-known meme cryptocurrency fluctuated, similar to the market as a whole. Initially, PEPE surged by 6%, reaching approximately $0.0000085, but then encountered resistance. Subsequently, the quotes for this meme coin dropped to $0.0000077, where they found support.

Half a Trillion Pepe Transfer Stuns Major US Exchange

Large-scale trades could significantly shift prices and impact the general market sentiment. Yet, if we’re observing wealthy investors dumping their holdings, it might signal an approaching bottom, as this appears reminiscent of what Lord Nathan Rothschild referred to as “the sight of blood in the streets.”

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2024-08-15 18:13