Traders Uneasy as PEPE Whale Pioneer Engages in Selling Spree
PepeCoin (PEPE) is a meme coin that was launched in April 2023. It has gained traction among cryptocurrency holders, despite being seen as lacking utility or value and intended purely for entertainment purposes. Recently, a prominent figure in the PEPECOIN ecosystem known as Dimethyltryptamine.eth sold off 180 billion tokens for approximately $279,000. This individual has successfully sold a total of 3.83 trillion PEPE tokens, amassing around $4.5 million. The sell-off has caused widespread discussions and speculation within the token’s ecosystem.
Other significant transactions involving PEPECOIN tokens by different whales have also been observed. One wallet spent $1.08 million to acquire 260 billion tokens, while another Twitter user purchased 404.5 billion tokens for $720,000. However, one whale experienced a significant loss, selling 468.5 billion tokens for $190,000, resulting in a 52% decrease in value.
In contrast, a different whale diversified their investment portfolio by venturing into the AI crypto space, particularly by investing in InQubeta, an AI-powered cryptocurrency initiative. This whale hopes to capitalize on the potential growth of the AI industry and generate substantial returns.
The recent transactions conducted by whales in the PEPECOIN ecosystem have had an impact on the token’s price and market sentiment. Although the selloffs have not directly affected overall liquidity, the prevailing sentiment appears to be bearish. Currently, PepeCoin has a market cap of $566.24 million, a live price of $0.0000014, and a 24-hour trading volume of $98 million. However, it has lost -7.54% in the last 24 hours.
Overall, the transactions by whales in the PEPECOIN ecosystem, including the significant sell-off by Dimethyltryptamine.eth, have sparked discussions and speculation. These transactions have influenced the token’s price and market sentiment, leading to a bearish outlook.