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Why PEPE might no longer be a whale favorite

Press Releases Crypto News AMB-Crypto Why PEPE might no longer be a whale favorite

Large PEPE holders sold at a loss, raising doubts about the token’s prospects.
Despite a drop in social engagement, PEPE’s sentiment remained positive.

Despite the initial hype and frenzy behind PEPE, the overall interest in PEPE fell over the last few days. As the price of PEPE decreased further, many addresses opted to sell their tokens for a loss instead of holding out for potential future profits.

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Whales are not interested

Notably, a significant event occurred when three wallets, presumably belonging to the same person, deposited 1.5 trillion PEPE tokens (equivalent to $1.2 million) into Binance, incurring a loss of $242,000.

These wallets had initially withdrawn the 1.5 trillion tokens (valued at $1.45 million at the time) from OKX following a significant Pepe team sell-off on 24 August. These moves raised questions about the confidence of some large holders in the token’s future.

The impact of such whale activity on the memecoin market is substantial, as it can cause uncertainty and influence other traders’ decisions. When large holders choose to sell at a loss, it can signal a lack of faith in the asset’s potential to recover.

On the social front

A large part of memecoins’ price movements can be attributed to their presence in the social sector. Over the last week, the social activity around PEPE has shown a significant decline. Social mentions for PEPE decreased by 17.9%, and social engagements fell by 28.4%.

However, despite the reduced social activity, the weighted sentiment around the memecoin continued to grow. This suggested that there were more positive comments and sentiments surrounding PEPE than negative ones at the time of writing.

The community might still have faith in the token’s potential, despite the recent challenges it faced.

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Author: Himalay Patel

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