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02/09 12:33

175 Billion PEPE Dumped as Price Drops to Zero O

175 Billion PEPE Dumped as Price Drops to Zero

On-chain data analytics platform Lookonchain recently discovered a large transaction from a top Pepe whale. On Friday, this major investor, labeled Nascent, sold 175 billion PEPE worth about $1.5 million. The transaction occurred as PEPE dropped to zero in an attempt to recover from a steady price decline.

PEPE Whales Remain Determined

Lookonchain explained in a post to X that Nascent remains a steadfast PEPE whale, making regular purchases and sales. Notably, Nascent purchased 608.85 billion PEPE worth $7.73 million between June 6 and July 15, 2024.

Nascent subsequently began selling its PEPE holdings as the price spiked on November 13, 2024.  However, the investor missed the best selling window, and his sell-off resulted in a profit of only $348,000.

Nascent sold its remaining $175 billion PEPE ($1.5 million) 4 hours ago.

This highlights how market timing can impact investment results. It also highlights how volatility in crypto markets often presents opportunities and challenges.

However, Nascent’s latest PEPE sell-off could be a good sign for the market. This is because the whale investor will need to buy back more PEPE in the future, leading to increased market activity and, ultimately, price spikes.

Before Nascent’s transaction, another whale withdrew 375.35 billion PEPE worth $3.73 million from the Bina exchange. This transaction is part of a larger trend of whales scooping up meme coins like PEPE and WIF from the Bina exchange.

 How PEPE is trading

Nascent's latest PEPE dump follows a surge in meme coin prices.

PEPE is currently trading at $0.000009155, down 4.47% in the last 24 hours. However, daily trading volume is up 4.8% to $911.28 million, suggesting renewed investor interest.

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