Massive PEPE Token Dump: Whale Unloads 762 Billion At Loss As Price Wobbles
September 09 2023 - 10:10AM
NEWSBTC
PEPE, the meme coin that has garnered a cult following in the
cryptocurrency world, made headlines once again as an anonymous
whale, rumored to go by the name “Alleged Mattfurie,” executed a
huge transaction. According to a new PEPE price update,
this enigmatic figure exchanged a staggering 726 billion PEPE
tokens for approximately 345.7 Ethereum (ETH). What’s more, the
acquired ETH swiftly found its way to the Coinbase exchange, adding
intrigue to an already sensational move. As of the latest data from
CoinGecko, PEPE is currently valued at $0.00000078, with a 24-hour
slump of 2.8% and a marginal seven-day loss of 0.1%. However, the
impact of this whale behavior is sending ripples through the meme
coin’s market dynamics. PEPE’s price saw a brief 3.48% rise on
September 7th, but it quickly dropped back to $0.0000007857. This
likely indicates that a significant PEPE holder sold their 762
billion tokens at a loss. Related Reading: Shiba Inu Tallies 77%
Accumulation By Major Investors – Good For SHIB Price? PEPE Price
Conundrum: Caught In A Triangle PEPE’s journey in the world of
cryptocurrencies has been nothing short of remarkable. It has not
only become a symbol of internet culture but also a fascinating
experiment in the world of decentralized finance. PEPEUSDT
trading at $0.00000078 on the weekend chart: TradingView.com While
the PEPE token continues to capture the imagination of traders, its
price appears to be tightly ensnared within a converging triangular
pattern. A separate report suggests that as long as this pattern
remains intact, the coin’s price may persist in moving laterally
over the coming days. This predicament leaves traders in a
precarious position. For traders with a bearish outlook on PEPE,
the recent whale transaction may present an enticing opportunity.
Some are considering the possibility of short-selling the coin,
anticipating a potential breakdown. If this bearish sentiment takes
hold, the report notes that PEPE’s price could tumble by as much as
10%, potentially retesting the psychological support level at
$0.0000007. Insights And Speculation Abound The sudden influx of
PEPE coins into the market has raised several questions about its
potential impact. The cryptocurrency market, known for its
unpredictability, continues to offer intrigue and speculation, with
events like Alleged Mattfurie’s massive PEPE token exchange
sparking intense discussions. PEPE seven-day price action.
Source: Coingecko Related Reading: XRP Bottom Support Holds Strong:
A Healthy Sign For The Crypto’s Price? While some view it as a
simple profit-taking move, others see it as a signal of larger
market shifts. The meme coin space, in particular, thrives on such
dramatic twists, and PEPE enthusiasts remain divided on the
implications of this whale’s actions. In the world of
cryptocurrency, where every move is scrutinized and analyzed, the
PEPE whale’s exchange of 726 billion tokens for Ethereum serves as
a reminder of the volatility and excitement that come with these
digital assets. As PEPE continues to occupy a unique niche in the
crypto landscape, observers and traders alike eagerly await the
next chapter in this ever-evolving story. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from The Currency Analytics
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