A Pepe Coin whale has dumped a significant amount of their holdings in the market at a massive loss, leaving others curious about what would happen in the future if they continue to sell their PEPE holdings. The large trader still holds a significant amount of tokens in their portfolio which have already fetched losses to them. Concerns around selling pressure are simultaneously visible for BTC now that the US Government has sold a large portion of seized BTC in the market.
PEPE Coin Whale Transaction
In a recent transaction reported by Lookonchain, a PEPE coin whale dumped 85 billion of their holdings for an approximate value of $1.51 million. This transaction has fetched them losses which is built on top of losses worth $1.74 million that they have on their remaining PEPE holdings of 180.8 billion worth around $3.2 million.
Considering his still robust holdings, the market watchers are keeping close track if the whale moves with his selloff plan ahead. However, many claimed that this is less likely as the whale would want to avoid further losses on PEPE holdings.
Meanwhile, another transaction where a whale was seen acting on their PEPE Coin holding happened earlier this week. The whale deposit of 427 billion tokens was reported at a value of almost $8.5 million. That deposit was made into Kraken, leaving the whale with a total PEPE coin holding of 1 trillion with an approximate value of $18.4 million.
However, the holdings, at that time, were reportedly at a profit of $2 million and were done by the same whale who had made $11.7 million on the token before.
PEPE Coin Price
PEPE Coin price today traded at $0.00001766 which is down by 3.10% in the last 24 hours and 13.87% in the last 7 days. There is also a dip in its Open Interest by 4.52% when there is an obvious struggle for the market cap and the 24-hour trading volume which are down by 3.12% and 21.98%, respectively. It is believed that the PEPE price is significantly down because it lost momentum which was based on the support level of $0.00002062, and the prices have been free-falling since then.
The volatility of PEPE is slightly on the higher side, hovering around 11.79% with bearish sentiments despite the Fear & Greed Index showing greedy sentiments with 69 points. Chances are that the token will continue to experience downfalls considering the BTC is simultaneously speculated to reach $90,000 in the times to come.
Concerns Around Bitcoin (BTC)
The US Government has sold seized Bitcoin tokens which were worth approximately $6.7 billion, creating speculation if prices will drop any further. Nayib Bukele and Robert Kiyosaki believe that any more decline in the BTC price will make up for a great situation to buy the token at a discounted price since it is poised to surge in the future.
In other words, experts remained optimistic on the market despite the recent selloff. For context, El Salvador President Nayib Bukele sees the recent BTC dip as a chance to buy the flagship cryptocurrency at a discounted price.
Overall, there is a chance that the crypto market will remain volatile at least till the time the Trump Administration does not start drafting crypto-friendly regulations after the US Presidential inauguration session. A hint of the same has started surfacing with the President-elect hosting figures from the crypto market, or appointing pro-crypto figures to his administration. Having said that, it appears that Pepe Coin, alongside other meme coins, might witness a strong recovery ahead despite the selloff concerns.
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