Pepe Coin Fall From Grace: What’s Turning The Whales Away?
Popular meme coin PEPE has recently come under the spotlight due to significant whale activity that has left many investors concerned about its future. Large holders of PEPE tokens have been selling their holdings at a loss, leading to increased market uncertainty.
A recent report notes the meme coin’s price movements are strongly influenced by its presence in the social sector. However, over the last week, social activity surrounding PEPE has taken a notable downturn, with social engagements falling by 28% and social mentions decreasing by 18%.
Whale Exodus: Massive PEPE Transfers Raise Eyebrows Lookonchain, a blockchain analysis platform, shed light on a puzzling development as it uncovered that three wallets, potentially controlled by the same individual, had transferred a staggering 1.5 trillion PEPE tokens to the popular cryptocurrency exchange, Binance.
At current exchange rates, these tokens are valued at approximately $1.2 million. What raises eyebrows is the fact that these wallets sold their tokens at a price lower than when they initially acquired them, resulting in a collective loss of $242,000.
This mass transfer followed an unexpected 16 trillion PEPE transaction on August 24, where the tokens were worth a staggering $1.45 million.