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On-chain data analytics platform Lookonchain recently spotted a huge transaction from a top Pepe whale. On Friday, this large investor tagged Nascent sold 175 billion PEPE, valued at about $1.5 million. The transaction occurred when PEPE shed a zero, attempting to recover from persistent price drops.
PEPE whales remain resolute
Lookonchain explained in an X post that Nascent remains a persistent PEPE whale, conducting regular purchases and sales. Notably, Nascent bought 608.85 billion PEPE worth $7.73 million between June 6 and July 15, 2024.
Tomiwabold OlajideSubsequently, Nascent began selling its PEPE holdings when the price skyrocketed Nov. 13, 2024. The investor, however, missed the best-selling window, with his sell-off resulting in a profit of only $348,000.
This highlights how market timing can impact investment outcomes. It also emphasizes that volatility in crypto markets often presents opportunities and challenges.
However, the latest sell-off of PEPE by Nascent could indicate a good sign for the market. This is because the whale investor would need to buy back more PEPE in the future, leading to increased market activity and, eventually, price surges.
Before the transaction from Nascent, another whale withdrew 375.35 billion PEPE worth $3.73 million from the Binance exchange. This transaction is part of a larger trend where whales scooped meme coins like PEPE and WIF from Binance.
How PEPE is trading
The latest PEPE dump from Nascent follows a resurgence in the price of meme coins.
Yuri MolchanCurrently, PEPE is traded at $0.000009155, down 4.47% in the last 24 hours. However, the daily trading volume is up 4.8% to $911.28 million, suggesting investors' renewed interest.
This means a resurgence in market momentum could see PEPE back to new highs.
Meanwhile, PEPE continued to expand, positioning itself as a top player in the meme sector. In January, PEPE secured a new listing on a major Japanese crypto exchange Bitflyer.
Tomiwabold Olajide
Yuri Molchan
Dan Burgin
Vladislav Sopov