By Bitcoinist - 9 months ago - Reading Time: 2 minutes
PEPE Whale Pioneer Selling Spree Leaves Traders On Edge
PepeCoin (PEPE) emerged in April 2023 as a meme coin, distinct from the more prevalent dog-themed meme coins like Shiba Inu and Dogecoin. Unlike its counterparts, the meme coin is primarily regarded as lacking inherent utility or value, instead intended purely for entertainment purposes. Despite this, the token gained substantial traction upon its launch, attracting many cryptocurrency holders who invested in it.
In recent news, a prominent figure in the PEPECOIN ecosystem, known as Dimethyltryptamine.eth, undertook a significant sell-off. The individual sold 180 billion tokens for approximately 149.4 ETH, equivalent to roughly $279,000.
Dimethyltryptamine.eth has successfully sold a total of 3.83 trillion PEPE tokens, amassing a sum of 2,411 ETH, which totals around $4.5 million. This sell-off has notably impacted the tokens ecosystem, leading to widespread discussions and speculation.
Recent Transactions By Other PEPE Whales
It is important to note that Dimethyltryptamine.eth whale did not single-handedly dominate the market, as other significant transactions involving PEPECOIN tokens by different whales have also been observed.
Related Reading: PEPE Price Doubles From June Lows, Is $1 Billion Market Cap Possible Again?
For instance, a wallet labeled “0xcfff” recently made a substantial investment by spending 471,700 USDC, which amounts to approximately $1.08 million, to acquire 260 billion tokens. Similarly, another notable transaction involved a Twitter user with the handle @osf_rekt, who purchased 404.5 billion tokens for 367 Ethereum, equivalent to $720,000.
In a separate development, another PEPE whale encountered a significant loss when they sold a substantial amount of tokens, leading to a drastic 52% decrease in value. The whale sold 468.5 billion tokens, receiving 109 ETH valued at $190,000.
Unfortunately, this transaction proved to be a major financial setback for the whale. The tokens were withdrawn from the KuCoin exchange, where their value stood at approximately $890,000 for the 468.5 billion tokens.
Conversely, a different whale strategically diversified their investment portfolio by venturing into the AI crypto space, particularly by investing in InQubeta.
InQubeta represents an AI-powered cryptocurrency initiative, and the whale aims to capitalize on the potential growth of the AI industry with hopes of earning substantial returns.
According to the whale, this decision underscores their recognition of the promising opportunities presented by AI investments and their desire to explore alternative avenues for generating wealth.
The Influence Of Whales Transactions On PEPECOIN Price
The recent transactions conducted by whales in the token ecosystem have impacted the price and sentiment surrounding the digital currency. Although the selloffs by whales have not directly influenced the token’s overall liquidity, the prevailing sentiment in the market appears to be bearish.
Pepe’s current market cap is $566.24 million, with a live price of $0.0000014, and the 24-hour trading volume is $ 98 million. The token has lost -7.54% in the last 24 hours with a circulating supply of 391,790.00 billion tokens.
Original source: Bitcoinist