PEPE Whale Pioneer Sustains Selling Momentum

In fulfilling the innate dynamics of buying low and selling high, one of the early PEPE whales has initiated another colossal selloff.

Constant Offload by Early Whale

Popular crypto insights service provider Lookonchain revealed that memecoin whale, Dimethyltryptamine.eth who bought a total of 5.9 trillion PEPE with just $251 or 0.125 ETH had made another massive selloff.

The PEPE whale offloaded a total of 180 billion PEPE tokens for 149.4 ETH tokens which are worth around $279,000. Following the latest sale, the PEPE whale has sold a total of 3.83 trillion PEPE thus far for the sum of 2,411 ETH, which is worth around $4.5 million in dollar terms.

Dimethyltryptamine.eth sold another 180B $PEPE for 149.4 $ETH($279K) an hour ago, and there are currently 2.07T $PEPE ($3.24M) left.

He spent 0.125 $ETH ($251) to buy 5.9T $PEPE very early and has sold a total of 3.83T $PEPE for 2,411 $ETH($4.5M).https://t.co/cUqMO6zIVO pic.twitter.com/czCC3jeNcM

— Lookonchain (@lookonchain) July 9, 2023

While many investors in the digital currency ecosystem are skeptical of the role Dimethyltryptamine.eth has in the memecoin community that made him get such massive allocation early, his trades have proven worth following for a number of prospective traders. The profit made by this whale, as well as some early backers of PEPE, has made a number of retail traders more open-minded to memecoins as it has a very high tendency of turning many into millionaires

Despite the total selloffs from the PEPE whale, he now has a total of 2.07 trillion tokens left in its wallet worth as much as $3.24 million based on the current PEPE price.

Impact on PEPE Price

The selloff of any digital currency or token has a number of impacts on the asset including the negative sentiment it sends to current holders which can drive panic dumping and the actual reduction in liquidity which also slows price to an extent.

As one of the top 100 digital currencies, PEPE has very robust liquidity and the latest selloff which is just about a quarter of a million has no direct impact on the liquidity of the memecoin. However, the sentiment appears bearish seeing the memecoin is now trading at a 1.20% discount at the time of writing. 

On the spot market, each token is now trading at a price of $0.000001552. The bearish sentiment is best showcased with its trading volume plunging by as much as 8.52% over the past 24 hours.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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