Whale Pepe Coin caused a stir in the broader crypto market on Monday, when it massively sold PEPE to crypto exchange Binance. The latest chain data shows more than 1 trillion tokens sent to the exchange, raising concerns amid the frog-themed meme token's declining performance. The price of PEPE recorded a decline of about 2% in daily trading, while the weekly chart showed a decline of over 10%.
Crypto market fans are speculating about the future of one of the most famous meme tokens following the recent events.
One of the latest updates from Whale Alert on October 28 shows that one Whale Pepe Coin has transferred 1.27 trillion coins, worth $11.51 million, to Binance. Based on the data, the unknown address 0x3…dc8 transferred the amount to the crypto exchange, raising concerns among market participants about massive selling.
The loss of large-scale investor confidence in the asset's potential to deliver profits, as suggested by the pope's actions, has raised concerns among market traders and investors. However, it should be noted that the address still holds 208.26 billion PEPE, worth $1.87 million, which raises curiosity in the market regarding this situation.
Overall, this massive sell-off adding to the selling pressure on the asset has sparked a bearish wave for this frog-themed cryptocurrency in the crypto market space.
At the same time, the PEPE price chart showed a very volatile movement over the past day, down 0.08% and trading at $0.000009015. The lowest and highest levels of the token in 24 hours are $0.000008786 and $0.000009257 respectively. The weekly chart shows a decline of 13%, while the monthly chart shows a decline of 18%. The drop in the token's price has fueled bearish sentiment among investors, further bolstered by massive selling by the whale.
Nevertheless, data from Coinglass shows a 5% increase in OI (Open Interest) of PEPE futures to $130.28 million. Additionally, the volume of derivatives trading for these tokens increased by 26% to $381 million. The data instead shows a slight increase in investor interest in the asset despite the mentioned bearish factors.
Additionally, the latest Etherscan data shows that the number of Pepe Coin holders continues to increase in recent days. Based on the data, nearly 296,000 addresses currently hold this meme token, indicating strong market confidence in this asset. This data paints a different picture to the massive selloff by the aforementioned Whale, which suggests that this token is likely to have potential gains in the future.
Furthermore, Pepe Coin price analysis shows that the supply of this token on the exchange recorded a significant decrease, which adds to the bullish price trajectory sentiment for the crypto. Market watchers continue to watch this token for any changes in price action in the future.
