Expect Volatility in Pepecoin (PEPE) As Whale Activity Spikes

Memecoin Pepecoin (PEPE) has hogged all the limelight in the crypto space over the past week amid a soli 400% price rally in a week’s time. After hitting an all-time high of $0.0000046 last Friday, Pepecoin (PEPE) has come under strong selling pressure over the last weekend.
As it turns out, the whale activity for Pepecoin has shot up significantly over the last weekend. As reported by CoinGape, whales have been taking profits on their PEPE holdings after crypto exchange Binance made the decision to spot listing.
Interestingly as the Pepecoin price dropped over the weekend, some whales who purchased in a frenzy are eyeing massive losses. As per data from Lookonchain a whale that purchases 962 billion PEPE coins at an average buying price of $0.000003122 is now facing paper losses greater than half a million dollars.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122.
He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— Lookonchain (@lookonchain) May 7, 2023
But in an interesting turn of events, some of the early whale buyers and believers of Pepecoin (PEPE) are seeing the recent dip as an opportunity to buy once again. On-chain data provider Lookonchain explains:
4 whales (probably the same person) bought $PEPE within 3 minutes after $PEPE was listed and have not sold until now. He bought a total of 8.77T $PEPE ($22.15M currently) with 0.08 $ETH ($166), 133,095x in gains.
Pepecoin (PEPE) Comes Under Strong Selling Pressure
After a massive rally last week, the frog-themed memecoin PEPE has corrected by nearly 50% from its highs over the last 72 hours. As of press time, PEPE is already trading 6.80% down over the last 24 hours at a price of $0.00000238.
However, it’s difficult to say whether this up move in Pepecoin will sustain going ahead considering the massive price surge already over the last three weeks. Popular crypto trader Bob Louka notes:
Seeing people call tops in these meme coins like $pepe because MCAP, is comical. They have no intrinsic value, so they’re technically worthless and also technically priceless! Respect the pumps! Respect getting dumped. I’m not in any, but damn can appreciate the culture.
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Sharps Technology Plans $100M Buyback to Boost Solana Treasury as SSK ETF Hits Record $382M AUM
- Will Bitcoin Reverse to $115K Max Pain Price amid Crypto Options Expiry Today?
- Cardano Gets 100 Million User Exposure With Brave Integration, Whales Scoop 70M ADA
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth