June 18th has been a tough day for the cryptocurrency market, with Pepe Coin ($PEPE) causing significant investor concerns.
The frog-themed meme coin has shown clear signs of a downturn, which has led to negative market sentiment, further exacerbated by a massive selloff by whales.
On-chain reports reveal troubling activity among major $PEPE holders. One prominent whale, who added $2.45 million in $PEPE on June 17, recharged 294.8 billion $PEPE (approximately $3.07 million) to Binance just 15 minutes ago at a transfer price of $0.0000104.
With an average holding price of $0.00001304, selling this portion would result in a loss of $778,000. The remaining 100 billion $PEPE still carry a floating loss of $270,000. This sharp drop, which saw $PEPE decline by 12% today, is testing investors’ resolve.
https://x.com/ai_9684xtpa/status/1803045850316406788?t=XpLfKlHLlIDvxbl4Aeahwg&s=19
Multiple Whales Sells Off Pepe Token
Another significant whale, known as the “Smart Money” for previously trading $PEPE and netting a profit of $3.49 million, also reduced their position dramatically tonight. This whale cleared out the 407.7 billion $PEPE accumulated on May 14. Over the past half hour, all of these holdings were transferred to Binance at a price of $0.00001027, compared to a cost basis of $0.00001046. If sold at this price, the whale would incur a loss of $75,000, turning a previous floating profit of $1.83 million into a negative.
https://x.com/ai_9684xtpa/status/1803061105167614389?t=i2HI5L0cPvqA7S18FpIKIw&s=19
These large-scale selloffs by major $PEPE holders have heightened market fears and contributed to the ongoing bearish trend. As the price of $PEPE continues to drop, investors are left grappling with significant losses, challenging their confidence in the meme coin’s future prospects.
The situation underscores the volatility and risk inherent in the cryptocurrency market, particularly for meme coins like $PEPE, where market dynamics can shift rapidly due to the actions of a few influential players. The coming days will be crucial in determining whether $PEPE can stabilize or face further declines.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.