Following a recent surge in its price, many memecoin buyers who invested in $PEPE at its peak are now facing significant losses as the token experiences high selling pressure, according to data from @IntoTheBlock.
Despite this selling pressure, $PEPE still boasts a holder profitability rate of over 80%, which is notably higher than many other meme coins currently in the market.
The price of $PEPE has declined nearly 20% from its peak, causing concern among new investors who bought in at the top.
However, long-term holders still find themselves in a favorable position compared to their counterparts in other meme coins.
$PEPE Whale Makes Significant Move And Deposits Large Amount Of Token Into Binance
In a notable transaction, a whale deposited 660.7 billion $PEPE tokens, valued at $9.52 million, into Binance.
This whale had purchased the tokens a month ago and managed to realize a profit of approximately $4.95 million, achieving a return on investment (ROI) of 52%.
The price of $PEPE has fallen nearly 20% from its peak.
In the past 10 minutes, a whale deposited all 660.7B $PEPE($9.52M) bought a month ago into #Binance, making ~$4.95M, with an ROI of 52%.https://t.co/XTaeBlTNMLhttps://t.co/57yCOHJvpe pic.twitter.com/F6IV3qhrlq
— Lookonchain (@lookonchain) May 30, 2024
This significant deposit into Binance underscores the current market trend where large holders are capitalizing on recent price surges to realize gains, contributing to the overall selling pressure on $PEPE.
While this might spell short-term challenges for the memecoin, the fact that it still maintains a high profitability rate suggests that there is underlying strength in the token’s market fundamentals.
Investors are closely watching these developments, as the actions of large holders often influence market sentiment and price movements.
As $PEPE navigates through this period of high selling pressure, the continued profitability for a majority of its holders indicates that the token still retains substantial support, potentially cushioning further declines and setting the stage for future recoveries.
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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