The largest Ethereum memecoin, $PEPE, experienced a further decline of up to 7% today. On-chain reports highlight significant activity from a notable address, 0xf22…a685c, which has been actively trading large volumes of $PEPE.
In the past two days, this address deposited 357.2 billion $PEPE to Binance at a loss. Today, it transferred 57.9 billion $PEPE from Binance at an average price of $0.0000122, amounting to $707,000. Despite this, the address still holds 248.7 billion $PEPE, valued at $3 million, with an average transfer price of $0.0000133. This results in a floating loss of approximately $350,000.
In an attempt to reduce the average cost and possibly recover from the losses, the address added another 104.6 billion $PEPE, worth $1.25 million. This increased the holdings to 353.4 billion $PEPE, valued at $4.23 million, and lowered the average cost to $0.0000131. However, this still represents a floating loss.
Whale Buys More $PEPE Worth $50,000
Minutes after this transaction, the address added another $500,000 worth of $PEPE. Currently, the latest holdings stand at 394.8 billion $PEPE, valued at $4.74 million, with an average cost of about $0.00001304.
The recent activities of this whale have significantly impacted the market sentiment surrounding $PEPE. The continuous addition of $PEPE holdings in an attempt to lower the average cost indicates a strategic move to mitigate losses but also highlights the inherent volatility and risk in trading memecoins.
Investors are closely watching these movements as the address’s actions could further influence $PEPE’s price and market dynamics.
The persistent decline in $PEPE’s value, coupled with large-scale trading, underscores the challenges and unpredictability within the memecoin market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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