The meme coin market has seen significant shifts in the last 24 hours with a massive transfer of PEPE tokens. A prominent investor sold 500 billion PEPE, valued at around $4 million, directly to Kraken, a leading US cryptocurrency exchange.
The transfer of half a trillion frog-themed tokens was completed in just 15 minutes. Before this sudden move, the same whale had already amassed a substantial position of 750.38 billion PEPE, worth about $8.34 million, through purchases on Kraken.
However, this recent sale leaves the holder with a significantly smaller stake of 250.33 billion PEPE, currently valued at approximately $2.02 million. This large sell-off has cost the whale over $2.3 million.
Pepe Coin (PEPE) Price Outlook
Over the past 24 hours, PEPE experienced mixed trading, mirroring the broader market trends. Initially, the PEPE price rose by 6%, encountering resistance at around $0.0000085. Subsequently, meme coin prices dropped to $0.0000077, where they found support.
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Such large-scale transactions can lead to substantial price fluctuations and impact the overall market sentiment. However, in this instance, it may signal a potential market bottom, as the capitulation of million-dollar whales resembles what Nathan Rothschild once described as “blood in the streets.”
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