A crypto whale has reportedly sold 85 billion $PEPE tokens for 1.51 million $USDC at a loss, highlighting the turbulent market conditions.
According to on-chain data, the whale sold the tokens at a loss in the past hour. Despite the sell-off, the whale still holds 180.8 billion $PEPE ($3.2M).
The on-chain analytics service noted that the massive market downturn in $PEPE led to the loss. This event has sparked interest in the crypto community and might worsen the overall negative sentiment.
The sell-off by the whale is noteworthy as the broader market downturn and sell-offs in speculative assets, like $PEPE, highlight the diminishing confidence in the short-term potential of such tokens.
This can deter new market entrants and raises questions about the sustainability of meme tokens like $PEPE in a crypto winter, where even prominent tokens face challenges despite their large market presence.
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