Over the past 10 months, $PEPE has delivered an extraordinary 27x gain, capturing the attention of the crypto community.
However, recent market activity suggests that the token may be entering a correction phase, as two significant whales have begun offloading their holdings.
Yesterday, a whale who had strategically bought 420 billion $PEPE tokens for $3.13 million during the market downturn decided to cash out.
This investor initially acquired the tokens on August 5 and August 12, spending 3.13 million USDT. Despite the timing, the whale managed to sell the entire stash for only 3.16 million USDC, resulting in a modest profit of just $30,000.
Another Whale Sells Off 500 Billion $PEPE Token
In a similar move, another whale sold 500 billion $PEPE tokens, valued at $4 million, but at a substantial loss. This investor had previously accumulated 750.38 billion $PEPE tokens for $8.34 million, purchasing them at peak prices on Kraken.
Following the sale of 500 billion tokens back to Kraken, the whale is left holding 250.33 billion $PEPE worth $2.02 million. However, the overall loss from the sale exceeds $2.3 million, reflecting the impact of the recent downturn in $PEPE’s value.
A whale sold 500B $PEPE($4M) at a loss 15 minutes ago!
The whale accumulated 750.38B $PEPE($8.34M) from #Kraken at the high prices and deposited 500B $PEPE($4M) into #Kraken 15 minutes ago, leaving 250.33B $PEPE($2.02M).
The whale lost more than $2.3M on $PEPE!… pic.twitter.com/bYfbxKexRz
— Lookonchain (@lookonchain) August 14, 2024
These large-scale sell-offs indicate that even major holders are uncertain about the token’s short-term prospects. The significant losses incurred by these whales highlight the potential risks of holding onto $PEPE during a market correction.
As $PEPE appears to be moving into a corrective phase, traders and investors may need to reassess their positions and consider the evolving market dynamics. The recent whale activity serves as a cautionary tale for those heavily invested in this highly volatile asset.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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