On-Chain Analysis platform Lookonchain recently reported a whale transaction for the trending PEPE memecoin. A PEPE whale has sold all 972.84 billion PEPE tokens. In addition, the value of the token has experienced a significant drop over the past week.
Popular Memecoin Sells A Whale On PEPE, Price Drops
According to Lookonchain, address 0x1497 recently sold all 972.84 billion PEPE tokens. The sale was made for 514 ETH, which equates to approximately $848,000.
The selling price was recorded as $0.0000008718 per token.
Pepecoin price rose steadily in late April and continued to rise on May 5, when Binance announced the listing of the meme coin.
But this latest whale-driven token sale has further heightened the bearish sentiment surrounding PEPE. The high volume selling by whales intensified the downward pressure on the token's value.
The impact of the whales' token sale on the price of PEPE has been clearly seen in recent market movements. Following the sale, the value of PEPE continued to decline, reflecting the negative mood surrounding the token.
Over the past week, PEPE has experienced a notable decline in value. The price of the token has dropped 8% in the last 24 hours and 22% in seven days. These price movements indicate a bearish bias for PEPE and may be indicative of broader market sentiment.
In particular, memecoins, which have been on a serious rise recently, lead the list of those who lost the most value with the decline of the general market. Experts advise to remember that this is often the case.
*Not investment advice.
