Whale Sold Over 400 Billion PEPE Tokens At 52% Loss
On chain analysis platform, Lookonchain reported that a whale sold a significant amount of $PEPE tokens, resulting in a staggering 52% loss. The preposition that SEC crackdown may restore memecoin frenzy again is under question, PEPE once reaching an all-time high of $0.00000431, has experienced a significant decline of 78.12% within the span of just one month.
Whale Transaction Details
A whale incurred a 52% loss as they sold 468.5 billion PEPE tokens for 109 ETH ($190,000) and 237.5 thousand $USDT just two hours ago.
Two hours ago, the whale executed a sale of 468.5 billion PEPE, receiving 109 ETH valued at $190,000 and 237.5k $USDT. Unfortunately, this transaction resulted in a significant loss for the whale.
On May 9, the whale withdrew 468.5 billion PEPE tokens, worth approximately $890,000, from the KuCoin exchange. At the time of withdrawal, the price of PEPE was $0.0000019. The transaction can be traced back to the wallet address 0x817c4546ec90dd16436d85ba11fb2ecaa1278594a7a56d4cbc45c1b3b408531b.
It has been 32 days and 13 hours since the withdrawal from KuCoin, with the tokens being transferred to the address 0x4322FD…4b4C3708. The total amount transferred was 468,495,834,335.1138 PEPE tokens.
PEPE Price Plummets, Loss Incurred
As a result of this transaction, the whale may have incurred a loss of $463,000, representing a significant 52% decline in value. The PEPE token has experienced a 29.25% decrease in price over the past seven days, with the current price standing at $0.0000009442.
When memecoin hype was over the moon, big whales like Jeffrey Huang, also known as Machi Big Brother purchased 6 billion PEPE tokens for $12,000 USD.
Read CoinGape’s Coverage Of Whales Buying PEPE..
Pepecoin price rose steadily in late April and went on to explode on May 5, when Binance announced listing of the meme coin. Even popular exchange Gemini announched PEPE listing few days post Binance, leading to a price rally.
This dramatic shift in price reflects the extreme volatility and rapid fluctuations that can occur in the cryptocurrency market, especoally with pump and dump schemes of memecoins. Community is suggested to underscore the need for careful analysis and risk management when engaging in trading activities.
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