Against the backdrop of a bull crypto market, a Pepe Coin whale’s decision to heavily sell the meme token has ignited severe concerns among traders and investors globally. The latest on-chain data from a tracker revealed that a whale sold 356.2 billion PEPE for 31x return, indicating a loss of confidence over further gains in the token. Nevertheless, broader sentiments for PEPE price remain optimistic despite the massive selloff, as the coin rallied over 140% in the past month.
Pepe Coin Whale Sells 350B Coins Raising Market Concerns
According to the Spotonchain data on X, a whale was reported to have deposited a staggering 356.2 billion of the frog-themed meme token, worth $7.3 million, to the crypto exchange Kraken. Per the data, the whale address 0x5b75….fbda was recorded as making the transaction, amassing a 31x return on his crypto investment.
Notably, this whale address bagged 375.65 billion tokens from the crypto exchange Gemini for a mere $237K during September 2023. Subsequently, this trader commenced offloading the meme token via DEX and Kraken starting February 17, cashing out $7.54 million in total.
Notably, this profit-making trade garnered noteworthy attention, highlighting the Pepe Coin whale’s loss of confidence in the asset’s potential to pump ahead. However, it’s also worth mentioning that the broader market sentiment over the crypto’s future price remains optimistic amid a bullish Q4 and pro-cryptocurrency Donald Trump’s reelection to the white house.
What’s Next For PEPE Price?
PEPE price slipped nearly 2% at the time of reporting and is resting at $0.00002038. This waning action aligns with the considerable selling pressure brought by the abovementioned whale selloff. Notably, the token’s intraday low and high were $0.00001971 and $0.00002102, respectively. However, weekly and monthly charts for the crypto showcased gains worth 8% and 144%, respectively, sparking investor optimism. The broader charts underscored an ongoing bull run for the leading meme coin, sparking contrasting sentiments in the wake of the selloff.
Besides, a recent PEPE price analysis by CoinGape Media further pointed out that the meme token could rally 7x ahead amid heightened market interest. Notably, the analysis revealed that whale accumulations for Pepe Coin have been on a substantial rise amid this bull cycle. Overall, crypto market enthusiasts continue to eye the token, anticipating further gains despite the selloff as market stats indicate that the meme token has not yet topped.
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