A massive PEPE whale has reemerged from a 10-month hibernation and initiated a selling spree, offloading 10.004 billion tokens. This comes as the meme coin experiences a monthly price decline of 29.24%. The overall cryptocurrency market has also seen price declines in the past week, despite increased activity. The recent bearish rally in May for PEPE has resulted in a dip in its price. However, it was the sudden movement of the PEPE whale that caught the attention of the market.
The whale, identified as ‘dimethyltryptamine.eth’, had been inactive for over 10 months before making transactions involving Pepe. According to Spot On Chain reports, the whale sold 10.004 billion PEPE tokens, valued at $112,000, in exchange for 32 ETH. This recent sale has resulted in a profit of 58.6K% for the whale, as the token has seen a yearly increase of approximately 566%, according to CMC data. Currently, the whale holds 1.99 trillion PEPE tokens, valued at $21.9 million, making it their largest crypto holding. In addition to PEPE, ‘dimethyltryptamine.eth’ also holds MOG, WOJAK, and USDC, with a total holding value of $22.413 million.
Interestingly, 10 months ago, ‘dimethyltryptamine.eth’ had purchased 50 billion PEPE tokens for approximately 27 ETH. Prior to this, the whale had received 4 billion meme tokens from an anonymous address known as ‘0xc32’. These transactions were the last ones made before the whale went inactive until the past 9 hours.
The recent movement of the whale during PEPE’s price dip has caused concerns among token holders. In the past month, PEPE has experienced significant price declines, with a decrease of 29.24% in the last 30 days. This decline has led to selling pressure on the token, as indicated by the RSI standing at 42.32. The month started with PEPE trading at $0.00001521, after a slight decline from its all-time high of $0.00001718 on May 27.
However, as the month progressed, the token’s price continued to decline, reaching a monthly low of $0.00000968 on June 18. In the past week, it has seen a 13% decline in prices. Currently, the token is trading at $0.00001080, with a daily decline of 6.63%. The short-term 9-day moving average is also above the current trading price, indicating the current bearish trend, according to TradingView data. The overall market has also reflected this bearish trend, with Bitcoin falling below the $60K level in the past 24 hours. The price drop, coupled with increasing regulatory scrutiny, has raised concerns within the community.
In other crypto news today, the marketing lead for Shiba Inu has teased a collaboration, hinting at major burns for the SHIB token.