The memecoin $PEPE has experienced a 4% decline today, dampening the bullish momentum it started the new trading week with. This downturn coincides with on-chain reports indicating outflows from some whales.
Spotonchain data suggests that Whale 0x1a2 is preparing to deposit a substantial amount of $PEPE tokens, totaling 1.24 trillion ($10.55 million), to Binance in the near future.
This move follows the whale’s recent withdrawal of 1.238 trillion $PEPE tokens from Binance in two transactions, executed at an average price of $0.000008424.
3 hours ago, this multisign wallet deposited all 1.238T $PEPE ($10.6M) to #Binance, causing the price to drop abruptly by ~5.2%.
The whale held those $PEPE for only 3 days and would realize a small profit of only $134K (+1.28%) if truly selling.
Did the whale know something and… https://t.co/bUJ4A6lOx6 pic.twitter.com/iq89A3O4M7
— Spot On Chain (@spotonchain) May 7, 2024
The whale initiated these transactions for its first $PEPE trade on May 4th and 5th, 2024. If the whale were to sell at the current price of $0.000008535, it would realize a modest profit of approximately $134k, representing a marginal gain of 1.28% after just three days of holding $PEPE.
Whales Previous Trading History To Monitor
This activity is consistent with the whale’s previous trading history, which includes a $146k profit (+14.2%) from one INJ trade, as well as a $118k loss (-8.01%) from one RNDR trade.
It appears that the whale did not hold onto either of these tokens for an extended period, indicating a tendency towards short-term trading strategies.
As $PEPE experiences fluctuations in price and whale activity, investors are monitoring the market closely for potential opportunities and risks. The memecoin’s performance in the coming days will depend on various factors, including market sentiment, investor behavior, and broader trends within the cryptocurrency space.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!