A whale investor offloaded millions worth of Pepe PEPE/USD as the frog-themed cryptocurrency corrected sharply over the weekend.
What Happened: On-chain tracking platform Spot on Chain reported a massive sale of PEPE by a trader with huge cryptocurrency holdings.
The trader, dubbed “super whale,” sold 74.07 billion PEPE, equivalent to $1.53 million, for 448.1 Ethereum ETH/USD on Sunday. In the last three days, they liquidated a total of 130.2 billion PEPE, amounting to $2.71 million, for 891 Ether.
Despite the massive sale, the whale still holds a staggering 3.241 trillion PEPE, valued at $64.1 million, with a profit of $68.3 million, marking a 12.6X return on investment.
See Also: Dogecoin Foundation Shares Message Against Trump’s Tax Favoritism For US Crypto Firms
Why It Matters: The sale comes amid a price drop in the third-largest meme coin by market capitalization. PEPE retraced as much as 7.7% since Saturday morning and 8.39% over the week.
Large transactions by ‘whales’ or wealthy traders can significantly impact the market, influencing retail to follow suit and causing price swings.
Interestingly, large transaction volume plunged by more than 50% in the last 24 hours, according to IntoTheBlock. Moreover, the balances of long-term PEPE holders increased marginally by 0.3%.
The observations from the aforementioned indicators suggested a probable shift in trading strategy from selling to HODLing.
Price Action: At the time of writing, PEPE was trading at $0.00002038, up marginally by 0.80% in the last 24 hours, according to data from Benzinga Pro.
Read Next:
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
