The price of PEPE has dropped in the past two days, erasing some of its previous gains. The price fell to $0.00001088, a 24% drop in just 6 hours. This decline is part of a broader market trend. The behavior of large-scale whale selling has encouraged this. The selling pressure has increased for PEPE tokens on the Ethereum (ETH) network.
On-chain data shows that a large whale identified as “0x837” has converted over 1.4 trillion PEPE tokens into ETH, worth over $18,000. This large transaction is a bearish signal for PEPE, indicating that significant holders are selling their positions. The ETH obtained from this sale has been invested in the Compound protocol, demonstrating a long-term investment strategy.
Another whale has deposited 30 billion PEPE tokens, worth about $3,850, causing a loss of $17,300. This is not an isolated incident – he previously deposited 1.1 trillion PEPE tokens, worth $144,200, presumably converting them to ETH. Within two days, the whale has deposited a total of 1.4 trillion Meme tokens into Binance. The address “0x837” also withdrew 1,728 ETH from the exchange, worth $58,600, bringing his total ETH holdings to 4,374 ETH, worth $149,100.
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Despite the losses, Whales have decided to convert PEPE into ETH, reflecting a strategic investment in Ethereum. This move shows confidence in the largest altcoin, especially with the expected launch of an ETH ETF in July.
