Altcoin
Pepe Coin Whale Dumps 500B, Brace for Meme Coins Selloff: Report
Pepe Coin (PEPE) price saw a massive 75% surge in the last 24 hours following the Coinbase and Robinhood listings. However, on-chain data signals that whales will likely book profits causing meme coins selloff. A Pepe Coin whale dumped nearly 500 billion coins while making nearly $45 million in profit.
Pepe Coin Whale Dumps Massive Holdings
Early PEPE investors and whales have started profit-booking. A PEPE whale sold 500 billion PEPE coins worth $11.8 million from its holdings, reported Lookonchain on November 14. The smart money amassed 2.01 trillion PEPE tokens between May 5 and September 10 last year with an initial outlay of 1,170 ETH worth $2.12 million at the time.
However, despite the current deposit at Coinbase, the whale continues to hold 1.48 trillion PEPE, valued at $33.2 million. This shows that the whale has minted 20x returns on the original investment with an estimated total profit of $45 million.
PEPE price surged to a new all-time high gaining 75% in a single day following the bumper listing on Coinbase, Robinhood and Upbit. As PEPE tops the market cap of $10 billion, the daily trading volumes have also soared 200% to more than $20 billion in the recent frenzy.
As per the Coinglass data, PEPE open interest has surged by 63% to $316 million with the 24-hour liquidations soaring to $48 million.
A Meme Coin SellOff Ahead?
The entire meme coin sector has performed extremely well following last week’s victory of Donald Trump in the US Presidential Elections. Top meme coins Dogecoin (DOGE), Pepe Coin (PEPE) saw over 100% gains in a week. Meanwhile, dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) gained 60-70% each amid the meme coin frenzy.
However, the meme coin frenzy has been at a historically high level with greed and FOMO catching up pretty quickly, as per Santiment on-chain data. Also, the social discussion around meme coins has sparked up significantly, suggesting selloff caution ahead.
Commenting on the current frenzy in the meme space, popular economist Alex Kruger stated:
“Bitcoin aside, crypto now is mostly about memecoins. That’s what people wants. Full-stop. And exchanges are giving it to them. That’s what the Binance listings of PNUT and ACT and the Coinbase listings of PEPE and WIF tell you”.
Apart from Pepe Coin, the PNUT price has also surged by a massive 200% while extending its weekly gains to more than 1600%. Meanwhile, DOGE price is trading at $0.392 and WIF price exchanging hands at $4.18, continuing the rally amid bullish sentiment.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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