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PEPE – Analyzing the price impact of a $52M whale dump

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A Pepe whale transferred 2.1 trillion tokens worth $52 million after 600 days of dormancy.
Pepe has made a moderate recovery on its price charts, rising by 3.78%.

Since hitting $0.00002836, Pepe [PEPE] has struggled to maintain an upward momentum. As such, the memecoin has retraced to hit a local low of $0.00002164. However, the memecoin has attempted to recover on its price charts since then.

At the time of writing, Pepe was trading at $0.00002423, marking a 3.78% increase on daily charts.

Pepe’s sustained upswing has led to increased whale activity. Some whales are attempting to capitalize on the recent rally, while others are continually accumulating, hoping for more gains.

Pepe whale offloads 2.1 trillion tokens

According to Lookonchain, A Pepe whale that had been dormant for 600 days, has transferred all 2.1 trillion tokens worth $52 million to a new address.

This whale, who is an early Pepe holder, spent only 0.0135 ETH worth $27 to purchase these tokens. Since then, this whale has held onto the assets until now.

This transaction might have two major implications. Firstly, if the transfers result in sending the total amount to exchanges in preparation for selling, it could result in higher selling pressure. Secondly, if this whale is reorganizing to store in more secure cold storage, it’s a bullish signal.

Impact on price charts

Overall, PEPE was experiencing a short-term bearish sentiment from both whales and retail traders.

Source: IntoTheBlock

For example, Pepe’s large holders’ inflow has decreased over the past week from 12.78 trillion to 5.48 trillion. This suggests that whales are reducing their capital inflow into the memecoin. When large holders decrease their funds’ inflow, it indicates a lack of market confidence.

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Author: Gladys Makena

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