A notable investor in the Pepe ($PEPE) coin has made a significant move, selling off a substantial portion of their holdings.

This move marks the second major sale of their $PEPE stash, with the initial wallet having acquired 1.5 trillion $PEPE tokens in the early days of the meme coin's rise.

A notable investor in the Pepe ($PEPE) coin has made a significant move, selling off a substantial portion of their $PEPE holdings. This move marks the second major sale of their $PEPE stash, which began with an initial investment of 1.5 trillion $PEPE tokens in the early days of the meme coin’s rise.

The investor recently sold 150 billion $PEPE tokens, which are currently valued at approximately $1.14 million. This transaction occurred as the token experienced a 7% decline from the previous day’s value. It seems that a $PEPE OG sold 150B $PEPE for $1.14M again 5 hours ago. This OG spent only $2,184 to buy 1.5T $PEPE in the early stage, which was $43M at the peak. He sold 1.02T $PEPE for $6.66M and has 493B $PEPE left, with a total profit of $10.3M (4,718x). At least two-thirds of the position has been liquidated and the remaining position is valued at $3.64M today. But the original investor is still in profit as the apex token price went up to $0.0008885 on August 17, 2023. This early investor has secured a profit of $10.3 million from this investment.

This large-scale sell-off contributes to broader trends in the market. The actions of early investors like this are seen as a sign of the token entering a phase of market transition, possibly signaling further price declines. As the coin’s value declines, existing holders are cashing out their profits in anticipation of potential further downward trends.

At the time of writing, $PEPE is trading at $0.000007 USD with a 24-hour trading volume of $486,917,110 USD. Pepe is down 3.89% in the last 24 hours.

Pepe trader loses $3.36M as market downturn deepensIn addition to the whale sell-offs, market conditions have become increasingly unfavorable for leveraged traders. One such trader, attempting to capitalize on Pepe coin’s price fluctuations, suffered substantial losses. The trader went long on the coin with 10x leverage via the Hyperliquid platform, hoping to benefit from an anticipated rise in the token’s value. However, the market didn’t cooperate, and the leveraged position began to incur losses.

Unfortunately, the trader's attempt to capitalize on Pepe coin's price fluctuations backfired, resulting in significant losses. The trader, who went long on the coin with 10x leverage via the Hyperliquid platform, hoped to benefit from an anticipated rise in the token's value. However, the market didn't go in their favor, and the leveraged position began to accrue losses.

To avoid liquidation, the trader was forced to add $3.8 million USDC to their position and reduce their holdings to mitigate further risk. This move showcases the increased pressure on traders as margin calls loom, especially with the market showing signs of weakness.

This trader went long on $PEPE with 10x leverage and is now down over $3.36M! To avoid liquidation, he deposited an additional 3.8M $USDC into #Hyperliquid and partially closed his positions to limit losses.

As the market shows increasing signs of weakness, the coin's 4-hour charts suggest ongoing bearish conditions. The coin had reached its peak at $0.00000926 USDT but has since fallen, staying within a descending red channel. The bearish market trend is evident as the token continues to make lower highs and lower lows, with no signs of immediate recovery.

Currently, $PEPE is trading around the $0.00000728 range, which aligns with a historical support zone. This price range, between $0.00000700 and $0.00000730, has previously seen consolidation in the market, potentially offering short-term support should buyer interest return.

Pepe oversold as Stochastic RSI hints at reboundTechnical indicators, such as the Stochastic RSI, reveal that the market is currently oversold, with values at 15.07 (blue) and 12.50 (orange). This suggests that the bearish momentum may be exhausted, raising the possibility of a relief bounce shortly.

Despite the substantial profits secured by the original investor, their continued selling could put further pressure on the market. The price fluctuations moving forward will largely depend on how this investor chooses to liquidate the remaining 493 billion tokens.

Overall, the market conditions