Pepe Coin Whale Dumps 85B Coins Sparking Concern, More Selloff Incoming?

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A major investor in Pepe Coin has offloaded a substantial chunk of their assets, causing concern among other investors about potential future consequences if this trend continues. Despite losing money on their initial investment, this trader still holds a sizable number of tokens. Meanwhile, speculation is high regarding selling pressure for Bitcoin, as the U.S. Government has recently liquidated a large portion of its seized BTC.

PEPE Coin Whale Transaction

Recently, a large holder (or “whale”) of the PEPE coin sold off 85 billion of their coins in a single transaction, which was approximately valued at $1.51 million. This sale resulted in losses for them, adding to existing losses worth around $1.74 million on their remaining 180.8 billion PEPE coins, currently valued at roughly $3.2 million.

Market analysts are closely monitoring the actions of this prominent investor, given his substantial assets, to see if he carries out his selling strategy regarding PEPE tokens. Yet, some speculate that such a move might be unlikely since the investor may wish to prevent additional losses in his PEPE investments.

Earlier this week, another instance occurred where a large investor (referred to as a ‘whale’) made a transaction involving their PEPE Coin holdings on Kraken. This whale deposited approximately 427 billion tokens, which equated to nearly $8.5 million in value. As a result, the whale’s total PEPE Coin holding now stands at around 1 trillion, with an estimated worth of approximately $18.4 million on Kraken.

Nevertheless, the investments then allegedly yielded a profit of $2 million, which was attributed to the same investor responsible for an earlier gain of $11.7 million in the token.

PEPE Coin Price

Today’s trading price for PEPE Coin stands at $0.00001766, representing a 3.10% decrease over the past 24 hours and a more substantial 13.87% decline in the last week. Notably, its Open Interest has dipped by 4.52%, indicating a challenging market environment for both its market capitalization and the 24-hour trading volume, which have decreased by 3.12% and 21.98%, respectively. The decline in PEPE’s price is thought to be due to a loss of momentum, as it fell below the support level of $0.00002062. Since then, prices have been trending downwards.

PEPE’s volatility leans towards the greater end, currently at approximately 11.79%, due to pessimistic feelings among investors. However, the Fear & Greed Index indicates optimistic sentiments, with a score of 69 points. It seems likely that PEPE could continue to face declines given that Bitcoin is predicted to rise to $90,000 in the near future.

Concerns Around Bitcoin (BTC)

The United States Government has auctioned off Bitcoin tokens they had seized, valued around $6.7 billion. This action has sparked debate over whether the price will continue to fall. Notably, Nayib Bukele and Robert Kiyosaki opine that further price drops could present an excellent opportunity to purchase Bitcoin at a reduced cost, as it’s expected to rise significantly in the future.

Essentially, even though there’s been a recent drop in the market, experts are still hopeful about its future. For instance, President Nayib Bukele of El Salvador views the current decrease in Bitcoin’s price as an opportunity to acquire the leading cryptocurrency at a reduced cost.

In simple terms, there’s a possibility that the cryptocurrency market could remain unstable until the Trump Administration establishes crypto-friendly policies following the presidential inauguration. This is suggested by the President-elect meeting representatives from the crypto industry or appointing pro-crypto figures to his team. On the flip side, Pepe Coin and similar meme coins might bounce back strongly despite market selloff concerns.

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2025-01-09 14:07