- Major PEPE custodian sells off 1.4T PEPE tokens in a series of Binance deposits.
- Analysts expect more market turbulence due to the implications of BTC sell-offs.
- PEPE coin jumps back to the green territory with a 9% relief rally this Wednesday.
Pepe (PEPE) piqued the curiosity of crypto analysts today, as a huge holder insisted on selling off their holdings in a series of massive transactions. Known as crypto whales, large holders tend to affect the overall sentiment by selling off or going on buying sprees almost immediately, inflecting the price trend.
In this case, one massive PEPE whale poured 700B PEPE coins into Binance, the largest crypto exchange by trading volume. Spotted first by blockchain analytics platform LookOnChain, this whale deposited $7.83 million worth of PEPE to Binance in the early hours of June 25, 2024.
At an estimated loss of $3.47 million, this whale made the hefty sell move before PEPE leaped back to green territory with 9.5% gains over the past 24 hours. Upon further on-chain investigation by DailyCoin, it was found that the same cryptocurrency address continued the massive PEPE sell-offs today.
Major Player Bids Adieu to 1.1T PEPE Coins
The major PEPE holder decided to sell off most of their remaining frog-themed digital assets. DailyCoin delved deeper into Arkham’s on-chain records, only to discover that three consecutive PEPE deposits were made to Binance over five hours ago.
The whale deposited 400B PEPE tokens twice, finishing it off with a third deposit of 300B PEPE coins. This comes down to 1.1T PEPE coins, equivalent to $14.24 million at stamped transaction time. After depositing this staggering amount of PEPE, the whale still holds 300B PEPE in their on-chain wallet, valued at $3.83 million.
Digging deeper into the reasons behind the tremendous PEPE sell-off, crypto analysts believe that further market turbulence is potentially incoming due to the combination of Mt. Gox selling off their assets, the German government selling Bitcoin (BTC), and lately dominating negative flows in the Bitcoin exchange-traded fund (ETF) markets.
According to CoinGecko, PEPE is changing hands at $0.00001266 as of press time. With a 9% rebound rally on Wednesday, PEPE still has a lot of ground to cover to overcome its 25% monthly deficit.
On the Flipside
- While macroeconomic factors tied to Bitcoin sell-offs have applied certain selling pressure on altcoins, 86% of current PEPE holders are making a profit at this price range.
- On Derivatives markets, the PEPE token ranks as the fourth most traded digital asset, with a daily trading volume of $4.42B across 1000PEPE and PEPE smart contracts.
Why This Matters
PEPE coin is the most successful major-cap meme coin year-to-date, bringing a return of 710% in the latest 365-day time frame.
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