Whale Dumps $1.14M in PEPE Tokens—Will More Selloffs Sink the Memecoin?

The crypto market is back on its rollercoaster ride, and this time, PEPE Coin is feeling the heat.

A major whale just offloaded 150 billion PEPE tokens—worth around $1.14 million—according to data from Lookonchain. That big move has added fuel to the bearish fire already surrounding the memecoin, sparking concerns among retail investors.

Turns out, this whale had originally scooped up 1.5 trillion PEPE tokens for just $2,184. At one point, that bag was worth over $43 million. So far, they’ve sold off 1.02 trillion tokens, cashing out a jaw-dropping $6.66 million—a 4,718x return. Still, the whale is sitting on 493 billion tokens, currently valued at $3.64 million. Now the big question: are more selloffs coming, and what could that mean for PEPE’s price?

Why Whale Moves Matter

• Big selloffs often spark panic among smaller investors.

• When whales reduce their holdings, it can shake price stability.

• The remaining stash still has the power to cause future swings.

PEPE Under Pressure Despite Brief Whale-Backed Bounce

Not long ago, another whale bought 500 billion PEPE, briefly pumping up bullish hopes. But those good vibes didn’t last. The recent $1.14M selloff has quickly overshadowed that optimism.

At the time of writing, PEPE Coin is trading at $0.0000073, down 5.57% in the last 24 hours. The token hit an intraday high of $0.00000787 before retreating under heavy selling pressure.

Over the past week, PEPE has inched up just 0.54%. But zoom out, and the picture turns bleak: the token has tanked 62% so far in 2024, highlighting the uphill battle memecoins face in today’s cautious market.

Analysts warn that unless whales ease up on their selling and the broader crypto environment improves, PEPE could stay under downward pressure.

What’s Driving PEPE’s Price Action?

• Whale Activity: Large sales = shaky sentiment.

• Macro Trends: PEPE still closely follows Bitcoin and the broader market.

• Investor Mood: Growing doubt around memecoins could hold back any rebound.

Can a Market Rebound Rescue PEPE?

Right now, the broader crypto space isn’t offering much of a safety net. Ongoing macro uncertainty and a sluggish Bitcoin aren’t helping. Even big-name memecoins like Dogecoin and Shiba Inu are feeling the pinch, down 5.58% and 3.3% respectively over the past 24 hours.

And with the weekend usually bringing more price swings, some analysts are bracing for more turbulence. Still, if Bitcoin stages a recovery, it could give the whole altcoin market—including PEPE—a much-needed lift.

What Could Help PEPE Recover?

• Bitcoin Bounce: If BTC rebounds, memecoins could ride the wave.

• Whale Patience: Slower selloffs might calm the market.

• Fresh Hype: A shift in sentiment could reignite interest in meme tokens.

For now, all eyes are on the whales. If they hold tight and the market regains its footing, PEPE could find a path back up. But if sell pressure keeps mounting, more downside might be on the horizon.