Pepe Coin Whale Dumps 330B PEPE; Wider Selloff Incoming?

A Pepe coin whale sold $2.53 million worth of PEPE at a loss amid the decline in crypto prices. The trader made a series of transactions involving the meme coin and still holds a large amount of the asset. This sparked diverse community reactions across social media spaces amid the present market sentiment. 

PEPE Coin Whale Offloads Huge Assets 

A Pepe coin whale sold a huge amount of assets recording a loss from the transaction. Data from Lookonchain shows the whale deposited 330 billion PEPE to crypto exchange Kraken leaving 1 Trillion of the asset worth approximately $7.57 million in the portfolio. Previously, the trader made a series of huge transactions drawing the community’s attention.

At first, whale sold 500 billion Pepe tokens and later purchased 828 billion tokens and a low price taking total holdings to 1.3 trillion assets worth $9.9 million. Amid all these with the latest asset movements, the trader lost over $3 million from the transaction. 

A whale deposited 330B $PEPE($2.53M) to #Kraken at a loss 1 hour ago, and still has 1T $PEPE($7.57M) left.

The whale lost a total of ~$3.13M on $PEPE!https://t.co/akwClljHZW pic.twitter.com/CvZgb2XVzq

— Lookonchain (@lookonchain) August 30, 2024

The activities of crypto whales continue to influence market movements due to the size of their holdings. As a result, the wider community is keen on their transfers leaving an impact on the ecosystem. Similarly, sudden transfers to centralized crypto exchanges like Kraken, Binance, and Coinbase often lead to wider sell-offs.

Users Point to the Red Zone 

Crypto users have suggested falling crypto prices as a major reason behind the sale. However, the whale still holds large amounts of Pepe coins. Meme tokens are affected by the activities of top assets as their price swings on sentiments and on-chain data. At press time, PEPE trades at $0.00000777, making a 1% growth in the last 24 hours despite the market downturn. 

Crypto assets continue underwater as Bitcoin and other top coins fall in the 24-hour window. The price of the top asset by market cap slipped below the $59k mark before recording a slight uptick. Ethereum and Solana also traded similarly with price drops in the same period.