This Whale Had Originally Scooped Up 1.5 Trillion PEPE Tokens for Just $2184

Turns out, this whale had originally scooped up 1.5 trillion PEPE tokens for just $2,184. At one point, that bag was worth over $43 million.

Another angle on the PEPE coin selloff.

One large whale has been busy offloading their massive 1.5 trillion PEPE (PEPE) tokens, which they originally scooped up for just $2,184. At one point, that bag was worth over $43 million.

According to data from DeFiLlama, the whale has now sold off 1.02 trillion tokens, cashing out a jaw-dropping $6.66 million—a 4,718x return.

Despite this, the whale is still sitting on 493 billion tokens, currently valued at $3.64 million.

Now the big question: are more selloffs coming, and what could that mean for PEPE’s price?

Why Whale Moves Matter

* Big selloffs often spark panic among smaller investors, especially when they're closely followed.

* When whales reduce their holdings, it can quickly affect the stability of the coin’s price, particularly in volatile tokens like PEPE.

* The remaining stash still has the power to cause future swings, setting the stage for more chaotic trading sessions.

PEPE Coin Down Despite Brief Whale-Backed Bounce

Another whale recently bought 500 billion PEPE tokens, briefly pumping up bullish hopes. However, those good vibes didn’t last long as the recent $1.14M selloff has quickly overshadowed that optimism.

At the time of writing, PEPE coin is trading at $0.0000073, down 5.57% in the last 24 hours. The token hit an intraday high of $0.00000787 before retreating as it faced heavy selling pressure.

Over the past week, PEPE has inched up just 0.54%. But zoom out further and the picture becomes bleaker: the token has tanked 62% so far in 2024, highlighting the uphill battle memecoins face in today’s cautious market.

Analysts believe that unless whales ease up on their selling and the broader crypto environment improves, PEPE could stay glued to downward price pressure.

What’s Driving PEPE’s Price Action?

* Whale Activity: Large sales = shaky sentiment.

* Macro Trends: PEPE still closely follows Bitcoin and the broader market.

* Investor Mood: Growing doubt around memecoins could hold back any rebound.

Can A Market Rebound Rescue PEPE?

Right now, the broader crypto space isn’t offering much of a safety net. Ongoing macro uncertainty and a sluggish Bitcoin aren’t helping matters. Even big-name memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are feeling the pinch, down 5.58% and 3.3% respectively over the past 24 hours.

And with the weekend usually bringing more price swings, some analysts are bracing for more turbulence.

However, if Bitcoin manages to stage a recovery, it could give the whole altcoin market—including PEPE—a much-needed lift.

What Could Help PEPE Recover?

* Bitcoin Bounce: If BTC pulls through, memecoins might follow.

* Whale Patience: Slower selloffs might calm the market.

* Fresh Hype: A shift in sentiment could reignite interest in meme tokens.

For now, all eyes are on the whales. If they keep selling and the market keeps sliding, more gloomy chapters in the PEPE saga might unfold. But if they finally grow weary of their selling and the market manages to find its footing, perhaps we’ll see a return to the sunny times.