Mysterious “whale” in the cryptocurrency world unexpectedly sells 762 billion PEPE coins, causing market turmoil. What’s behind this decision and how did it affect the value of the PEPE coin?
Just a few months ago, the meme coin PEPE unexpectedly appeared in the cryptocurrency market, quickly grabbing investors’ attention. Inspired by the Pepe the Frog internet memes, this cryptocurrency was different from other popular coins, such as Shiba Inu or Dogecoin. Although PEPE didn’t have a specific utility, it quickly gained acceptance on many cryptocurrency exchanges, including major ones like Binance, KuCoin, and Kraken.
However, the recent behavior of a certain mysterious investor, called a “whale” in the community, points to potential issues with PEPE. According to data from the @PeckShieldAlert account, which tracks cryptocurrency transactions, the whale sold a massive amount of 726 billion PEPE in exchange for about 345.7 ETH, then transferred the Ethereum to the Coinbase exchange.
This transaction was one of many such moves over the past week. Earlier, as reported by U.Today, three addresses, possibly linked to the same whale, moved 1.5 trillion PEPE to the Binance exchange. This batch of cryptocurrency was sold for approximately $1.2 million, incurring a loss of $242,000.
Such actions led to a significant drop in the value of PEPE, evident in the current price listings. After reaching an all-time high on April 17th at $0.000004354, PEPE is currently trading at 81.94% below that value.
After the creators of PEPE unexpectedly released a massive 16 trillion coins on the trading platform in August, the reputation of this cryptocurrency took a serious hit, especially among meme coin enthusiasts.
Many initially believed that PEPE would be a strong contender against Shiba Inu and Dogecoin. However, these two largest meme coins remain stable, in contrast to PEPE.
Given these whale moves and the actions of PEPE’s creators, the future of this cryptocurrency remains uncertain. Will PEPE be able to regain investor trust and once again become a significant player in the market?
fot. https://twitter.com/pepecoineth
