@PeckShieldAlert account on X, which often traces sales and purchases of crypto, as well as hacks and transfers of hacked cryptocurrencies, has reported that a whale (allegedly their wallet's name is "Alleged Mattfurie," and the address begins from 0x14cb) is selling a massive amount of the meme coin PEPE.
Per an X post, a whopping 726 billion PEPE was exchanged for approximately 345.7 ETH more than 12 hours ago. After that, the whale moved that ETH to the Coinbase exchange.
On Thursday, Sept. 7, the PEPE price showed a small rise of 3.48%. However, today, this rise was nullified as the price went down on the chart, back to the $0.0000007857 level. Therefore, the whale seems to have sold his 762 billion PEPE at a loss.
More whales dumping PEPE at loss this week
This is not the first time this week that whales have dumped their PEPE coins at a loss, though. Earlier, U.Today reported that three addresses, perhaps linked to the same whale, per @lookonchain "Smart Money" tracker, moved 1.5 trillion PEPE to the Binance exchange. This chunk of PEPE coins was sold for roughly $1.2 million at a loss of $242,000.
Prior to that, the whale had withdrawn this tremendous crypto lump from OKX exchange; before the selling it was evaluated at $1.5 million, @lookonchain says.
The whale seems to have bought it on OKX after the PEPE team dumped a mind-blowing 16 trillion PEPE coins on that trading platform on Aug. 24. After this dump by developers, PEPE's reputation suffered a major dent in the crypto community, and among lovers of meme coins in particular.
PEPE failing as rival to SHIB and DOGE
PEPE was unexpectedly launched in April this year by a team of anonymous developers. This coin did not have any utility and, unlike the other meme coins, was based not on Shiba Inu dog memes but was inspired by memes about Pepe the Frog circulating on the internet. However, it was immediately welcomed by various crypto exchanges, including the major ones — Binance added it to its Innovation Zone, it was listed by KuCoin, Kraken and other exchanges — since it turned into a trend and its price started rising at a fast pace.
On April 17, PEPE hit an all-time high of $0.000004354 and is currently trading 81.94% below that historic peak level.
Many first believed PEPE to be a powerful new rival of Shiba Inu and Dogecoin meme coins. However, those two largest meme cryptocurrencies remain steady, unlike PEPE.