Dormant PEPE Whale Activity Sparks Attention Amid Price Decline
Release: 2024/07/03 15:38 Reading: 360
PEPE Whale Unleashes 10 Billion Tokens, Triggering a Sell-Off
A dormant "PEPE whale" has initiated a major selling movement, disposing of 10.004 billion tokens after a 10-month hiatus. This significant transaction has contributed to a 29.24% monthly price decline for the memecoin.
Whale's Profitable Sale
The whale's sale of 32 ETH netted approximately $112,000, realizing a notable profit of 58.6K%. This follows a substantial 566% annual increase in PEPE's value. Despite the recent sell-off, the whale remains the token's largest holder, with over 1.99 trillion PEPE valued at $21.9 million.
Whale's Trading History
Ten months ago, the whale acquired 50 billion PEPE with 27 ETH. Subsequently, they received an additional 4 billion PEPE from an anonymous address. These were the last known transactions before the whale's prolonged inactivity.
Impact on Token Price
The whale's selling activity has heightened concerns among PEPE holders, amidst ongoing price declines.
Monthly Price Performance
PEPE has faced a 29.24% price drop in the past 30 days. This selling pressure is reflected in its Relative Strength Index (RSI) of 42.32. The token has been trading below its May 27 all-time high of $0.00001718 throughout the month.
Daily Price Chart
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According to TradingView, PEPE/USDT's daily price chart exhibits a bearish trend, with the 9-day Moving Average (MA) above the current trading price. The wider cryptocurrency market has also witnessed a downward trend, including Bitcoin's recent fall below $60,000. This decline has sparked concerns due to increasing regulatory scrutiny.
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