A Pepe Coin whale has caused significant market fear regarding the future of the PEPE price by transferring more than 1 trillion coins to Binance.
A Pepe Coin whale caused a significant commotion in the broader cryptocurrency market on Monday by significantly offloading PEPE to the crypto exchange Binance.
In the midst of the bearish run of the frog-themed meme coin, recent on-chain data has indicated that over 1 trillion coins have been deposited into the aforementioned exchange, which has sparked concerns. The intraday price of PEPE decreased by approximately 2%, while the weekly charts indicated a decline of more than 10%.
In light of recent events, crypto market enthusiasts speculate about the future of one of the most renowned meme coins in the market.
Pepe Coin Whale Dumps over one trillion coins causing market apprehension
A Pepe coin whale transferred 1.27 trillion coins, valued at $11.51 million, to Binance, according to a recent update from Whale Alert on October 28. The data indicates that the unknown address 0x3…dc8 transferred the aforementioned sum to the crypto exchange, which prompted market participants to express concerns about a potential selloff.
The Pepe coin whale sale has fostered a sense of apprehension among market traders and investors, as it has suggested that the asset’s potential to generate gains has been diminished. Nevertheless, it is also important to note that the address still contains 208.26 billion PEPE, which is valued at $1.87 million, which adds to the mystique surrounding the matter.
In the interim, the address also held 25 other tokens, including Fantom (FTM), Worldcoin (WLD), and Shiba Inu (SHIB). In general, the substantial dump has generated bearish ripples for the frog-themed meme cryptocurrency throughout the crypto space, as it has led to additional selling pressure on the asset.
PEPE Price is continuing to decline
The PEPE price chart exhibited a highly volatile movement over the past day, with a 0.08% decline and a trading price of $0.000009015. This occurred simultaneously. At $0.000008786 and $0.000009257, the coin’s 24-hour low and apex were, respectively.
It is important to note that the weekly chart demonstrated a 13% decrease in value, while the monthly chart indicated an 18% decline. The aforementioned enormous whale dump has further solidified bearish investor sentiments, which have been exacerbated by the coin’s slumping action.
Nevertheless, Coinglass data indicated a 5% increase in PEPE futures OI, which amounted to $130.28 million. In addition, the derivatives volume for the token increased by 26% to $381 million. In contrast, this data suggested that investor interest in the asset had marginally increased, despite the bearish factors previously mentioned.
Additionally, the most recent Etherscan data indicates that the number of Pepe Coin holders has been steadily increasing in recent days. The meme token is held by nearly 296K addresses, which suggests that there is a high level of market confidence in the asset, according to the data.
This data has presented a picture that is quite different from the whale discharge mentioned earlier, suggesting that the token may experience future gains.
Additionally, a recent price analysis of Pepe Coin by CoinGape Media revealed that the token’s supply on exchanges experienced a substantial decrease, which bolstered the belief that the crypto was on the brink of a favorable price trajectory. Market analysts continue to monitor the coin for potential price fluctuations in the future.
