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    Home ยป The Price of PEPE Falls as Cryptocurrency Whales Sell Their Tokens
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    The Price of PEPE Falls as Cryptocurrency Whales Sell Their Tokens

    By adminJul. 2, 2024No Comments2 Mins Read
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    The Price of PEPE Falls as Cryptocurrency Whales Sell Their Tokens
    The Price of PEPE Falls as Cryptocurrency Whales Sell Their Tokens
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    The price of PEPE has experienced a decline in the last two days, erasing some of its earlier gains.

    The price dropped to $0.00001088, representing a 6% decline in just 24 hours. This decline is part of a broader market downtrend, which was reinforced by the actions of a whale who sold a large amount of PEPE tokens for Ethereum (ETH), increasing selling pressure.

    On-chain data revealed that a large whale, identified as “0x837,” converted over 1.4 trillion PEPE tokens into ETH, worth over $18 million. This significant transaction is a bearish signal for PEPE, suggesting that major holders are offloading their positions. The ETH obtained from this sale was staked in the Compound protocol, indicating a long-term investment strategy.

    Furthermore, the whale deposited 300 billion PEPE, worth approximately $3.85 million, into Binance, resulting in a loss of $1.73 million. This is not an isolated action, as the whale previously deposited 1.1 trillion PEPE, worth $14.42 million, likely converting them into ETH. In total, the whale has deposited 1.4 trillion of the meme coin into Binance within two days. The address “0x837” also withdrew 1,728 ETH, worth $5.86 million, from the exchange, bringing its total ETH holdings to 4,374 ETH, worth $14.91 million.

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    After news of Roaring Kitty’s involvement emerged, cryptocurrencies surged by 400%.

    The whales’ decision to convert PEPE into ETH, despite the losses incurred, reflects a strategic investment in Ethereum. This move indicates market confidence in the largest altcoin, particularly with the expected launch of spot ETH ETFs in July.

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