Whale Dumps 972.84 Billion PEPE Tokens: Insider Trading or Bear Market Sign?
Lookonchain, an On-Chain Analysis platform, has reported a recent whale transaction involving the popular PEPE memecoin. The sale of the whale’s entire holdings, which amounted to 972.84 billion PEPE tokens, has raised concerns and sparked speculations of potential insider trading. Adding to the unease, the value of the token has witnessed a significant decline in the past week.
Whale’s PEPE Token Dump
Lookonchain, a data analysis platform, has identified address 0x1497 as the seller of its entire holdings of 972.84 billion PEPE tokens. The sale was made for 514 ETH, approximately valued at $848,000. The selling price per token was recorded at $0.0000008718. This transaction has raised concerns among some observers, who are questioning the possibility of insider trading by the seller.
Also Read: Pepe Coin Price Surges Amid Market Corrections
Upon further investigation, it has been discovered that the mentioned address received 0.58 ETH from FixedFloat and promptly used a portion of it, around 0.027 ETH (equivalent to $58), to acquire an astonishing 2.27 trillion PEPE tokens. Remarkably, this transaction took place within a mere 10 minutes of PEPE’s trading initiation.
A recent incident reported by CoinGape highlights a separate occurrence from five days ago, where a whale experienced a substantial loss while trading PEPE. The whale sold 468.5 billion PEPE tokens for 109 ETH (approximately $190,000) and 237.5 thousand USDT, resulting in a staggering 52% loss for the trader.
Pepecoin experienced a steady rise in price towards the end of April, followed by a significant surge on May 5. The price explosion occurred after Binance, one of the leading cryptocurrency exchanges, announced the listing of the popular meme coin.
The recent series of token dumps by whales has further amplified the bearish sentiment surrounding PEPE. The substantial sell-off by these large holders has added to the downward pressure on the token’s value. The effects of these whale-induced sales have been evident in the recent market movements. Following the dumps, PEPE’s price has continued to decline, reflecting the prevailing negative sentiment surrounding the token.
PEPE has witnessed a significant decline in value over the course of the past week. The token’s price has exhibited a downward trend, with a decrease of 1.12% in the last hour, 5.48% in the past 24 hours, and a notable 17.06% over the span of seven days. These price movements suggest a bearish sentiment surrounding PEPE and potentially reflect the broader market sentiment as well.
Also Read: PEPE Price Plummets as Bitcoin Coders All Memecoin Removal
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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