Memecoin Pepecoin (PEPE) has hogged all the limelight in the crypto space over the past week amid a soli 400% price rally in a week’s time. After hitting an all-time high of $0.0000046 last Friday, Pepecoin (PEPE) has come under strong selling pressure over the last weekend.
As it turns out, the whale activity for Pepecoin has shot up significantly over the last weekend. As reported by CoinGape, whales have been taking profits on their PEPE holdings after crypto exchange Binance made the decision to spot listing.
Interestingly as the Pepecoin price dropped over the weekend, some whales who purchased in a frenzy are eyeing massive losses. As per data from Lookonchain a whale that purchases 962 billion PEPE coins at an average buying price of $0.000003122 is now facing paper losses greater than half a million dollars.
A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.000003122.
He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc
— Lookonchain (@lookonchain) May 7, 2023
But in an interesting turn of events, some of the early whale buyers and believers of Pepecoin (PEPE) are seeing the recent dip as an opportunity to buy once again. On-chain data provider Lookonchain explains:
4 whales (probably the same person) bought $PEPE within 3 minutes after $PEPE was listed and have not sold until now. He bought a total of 8.77T $PEPE ($22.15M currently) with 0.08 $ETH ($166), 133,095x in gains.
Pepecoin (PEPE) Comes Under Strong Selling Pressure
After a massive rally last week, the frog-themed memecoin PEPE has corrected by nearly 50% from its highs over the last 72 hours. As of press time, PEPE is already trading 6.80% down over the last 24 hours at a price of $0.00000238.
However, it’s difficult to say whether this up move in Pepecoin will sustain going ahead considering the massive price surge already over the last three weeks. Popular crypto trader Bob Louka notes:
Seeing people call tops in these meme coins like $pepe because MCAP, is comical. They have no intrinsic value, so they’re technically worthless and also technically priceless! Respect the pumps! Respect getting dumped. I’m not in any, but damn can appreciate the culture.
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