Pepe Price Down by 18% Following Whales Sell-Off
Analysis reveals an address 0xb1a2...6731 liquidated 200.88 billion PEPE tokens over a 48-hour period, converting them into approximately $2.85 million in USDC stablecoins.
Pepe coin (PEPE) experienced an 18% price drop due to significant selling pressure from major holders, or “whales.” This coordinated sell-off has shaken the market, with several large transactions highlighting the extent of the divestment.
One particularly significant event involved a whale identified only by the partial address 0xfBfC…07Be, who deposited a staggering 430 billion PEPE tokens, equivalent to approximately $6.39 million, into Binance, just nine hours prior to the writing of this analysis.
Whales Pepe Sell-off Increased
Within the 24-hour period prior to the 0xfBfC…07Be transaction, another whale, marketparticipant.eth, moved 325.5 billion PEPE tokens, valued at roughly $4.9 million, to Binance. This further contributed to the downward pressure on the price.
The influence of these whales extends beyond single large deposits. Analysis reveals that the address 0xb1a2…6731 liquidated 200.88 billion PEPE tokens over a 48-hour period, converting them into approximately $2.85 million in USDC stablecoins.
Further adding to the downward trend, the address 0xC7ac…BE36 deposited 140.83 billion PEPE (around $1.98 million) into Binance a mere two hours before this analysis.
Large-scale transfers of PEPE tokens to centralized exchanges reveal a significant loss of confidence in the asset’s future among major holders. This coordinated selling by numerous whales overwhelmed buying pressure, causing an 18% price drop.
Notable Altcoins Transfers to Exchanges
Santiment’s Centralized Exchange Deposits Dashboard reveals a notable trend in the cryptocurrency market: a surge in altcoin transfers to centralized exchanges. This suggests significant sell pressure from large investors, or “whales.”
Large volumes of altcoins have recently been transferred to cryptocurrency exchanges, suggesting potential market volatility. Wrapped Bitcoin led the way with $4.8 million transferred, followed by Pepe ($3.0 million), Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2.0 million), and Chainlink ($1.8 million).
However, such significant transfers by large holders often precede price fluctuations, potentially indicating upcoming sell-offs and increased market liquidity.
This trend is already impacting altcoin prices. Eigenlayer is down 4.96% at $3.67 (volume: $226 million), Ethena has fallen 2.36% to $0.803 (volume: $550 million), and Worldcoin is down 7.04% at $3.14 (volume: $860 million). Pepe experienced the most significant drop, falling 10.45% to $0.000020. Conversely, Chainlink bucked the trend, rising 21.93% to $22.88 (volume: $7.3 billion).
