Pepe Coin whales sent shockwaves across the broader crypto market by offloading over 1 trillion tokens recently. Data from numerous transaction trackers revealed that large-scale investors have embarked upon a PEPE-selling spree amid the ongoing crypto market slump. Particularly, whales are reflecting a panic-selling sentiment due to the broader market uncertainty caused by recent macro trends.
Pepe Coin Whales On Selling Spree Spark Concerns As Over 1T Tokens Sold
Lookonchain’s data on April 9 revealed that a whale sold 723.67 billion PEPE tokens for 4.63 million DAI. While this selloff sparked investor concerns, major institutional crypto liquidity providers also dumped massive amounts, adding to the market unease.
Spotonchain’s data suggested that market maker Cumberland deposited 247 billion coins to Robinhood recently. Also, renowned market maker B2C2 was recorded as depositing 163 billion tokens to Binance. Overall, Pepe Coin whales, including market makers, have offloaded nearly $7 million worth of tokens in just a day.
Why Are The Dumps Bearish?
Usual market sentiments remain highly negative in the wake of such whale dumps, underscoring the loss of market confidence and rising negative pressure on an asset’s dynamics. The dump transactions indicate potential selloffs, and thus bringing heightened token supply on exchanges. These aspects remain critically eyed by investors as they pose a severe risk to the price.
PEPE Price Action
As of press time, PEPE price continued its fall, dropping nearly 1% to $0.000006301. The coin swooped to a $0.000005814 low while also hitting a peak of $0.000006405 intraday. Notably, the weekly chart for the crypto shows a drop of over 14%. This broader waning action may be the catalyst for rising Pepe Coin whale dumps.
It’s worth pointing out that the frog-themed meme coin has lost nearly 70% since the start of this year, alongside broader market trends. The token that once traded at the $0.00002 price level in January is now down to unprecedented lows. As a result, broader market sentiments surrounding the meme coin remain uncertain. Further, the Trump tariff’s ripple effect has further swallowed hopes of a recovery in the short term.
The post Pepe Coin Whales Offload Over 1 Trillion PEPE appeared first on CoinGape.
