PEPE Whale Dumps $4.54M – Is This the Start of a Meme Coin Sell-Off?

Author

Alejandro Arrieche

Author

Alejandro Arrieche

About Author

Alejandro is a seasoned financial analyst and adept business expert with over seven years of experience in dissecting complex business topics and vital market trends. His insightful writing, which has...

Author Profile

Share

Copied

Last updated:

January 8, 2025 13:16 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

One large whale holding millions of PEPE tokens dumped a significant portion of its holdings earlier this week, possibly to lock in some of the profits that this meme coin produced throughout most of 2024.

According to data from SpotOnChain, this wallet got rid of 217 billion $PEPE tokens that were worth $4.54 million at the time and brought in a $767,000 profit on this investment after just 17 days of holding the assets.

Despite this big sale, this investor’s wallet is still storing 1.21 trillion $PEPE that have not been sold yet and that were worth approximately $25.1 million.

The move comes as Pepe ($PEPE) has seen its price decline sharply in the past 30 days, losing 27.4% as a result of the overall weakness that the crypto market is facing lately.

Other assets in this segment have also experienced double-digit losses including Shiba Inu ($SHIB), Dogecoin ($DOGE), and Bonk ($BONK), which have faced 28.3%, 19.7%, and 32% declines during this same period respectively.

Meanwhile, in the past month, meme coins as a whole have seen a total of $35 billion of their market value evaporate.

In the absence of drivers that could explain this significant retreat, most analysts point to portfolio rebalancing, sectorial rotation, and a natural pullback that could precede a renewed wave of demand if late buyers take advantage of this temporary weakness to enter the market at lower prices.

$PEPE Enters a Period of Consolidation After Its Massive 2024 Rally

$PEPE’s chart shows that a symmetrical triangle has formed as a result of the latest price action.

This indicates that the market is in discovery mode, trying to find a price range that makes sense for both buyers and sellers following the huge upswing that the token experienced last year.

Symmetrical triangles usually emerge during periods of consolidation. Depending on the market’s sentiment, they could resolve in either direction. The Relative Strength Index (RSI) is not sending clear buy or sell signals at the moment either that could be used by traders to position themselves for what’s coming.

For now, these sideway moves demand a cautious approach and patience. If the price breaks out below the lower trend line, chances are that $PEPE could retest its December 20 lows while a bullish breakout could push the token to the nearest resistance found at $0.000022.

Interestingly, the MACD sent a long-entry (buy) signal on January 3.

However, other indicators did not provide similar indications. Until this temporary spike in the token’s volatility subsides, traders should approach with caution to avoid being flushed out by radical upswings or downswings.

This Pepe the Frog Meme Coin is Breaking All Records in Its Presale

Despite the latest weakness that the OG Pepe the Frog meme coin has been experiencing, the Wall Street Pepe ($WEPE) presale is still captivating thousands of investors as the project is getting closer to raise $44 million.

A new army of $WEPE is already closing ranks. At its current presale price of $0.00036644, the token offers an opportunity for investors to position themselves favorably to reap huge returns once the asset is listed.

There is little reason to believe that the attention that $WEPE’s presale has drawn will not spill over to the next phase, which involves listing the asset on decentralized exchanges (DEXs).

The Wall Street Pepe project aims to build a robust community by sharing trading tips with $WEPE holders who will benefit not just from the gains that the token may deliver but also by these opportunities in the marketplace.

To buy $WEPE, visit the Wall Street Pepe website and connect your wallet. You can either swap your ETH or USDT tokens or use a bank card to complete the purchase.

This discounted price will only be available for the next 40 hours. After this batch of $WEPE is sold, its price will be raised.

The presale event could soon be over as the developing team is getting closer to its funding target.