A whale has recently sold a significant amount of up to 500B $PEPE tokens. Lookonchain, a well-known on-chain analytics firm, disclosed that the whale traded the $PEPE memecoin of nearly $4 million worth at a substantial loss. The analytics company took to its official social media account to offer insights into this development.
A Whale Losses $2.3M on Selling 500B $PEPE Memecoin
In its new X post, Lookonchain noted that the whale had first collected almost 750.38B Pepe tokens from Kraken. The respective tokens equaled $8.34M in terms of value. In this way, the whale purchased the above-mentioned coins at elevated prices. Nonetheless, a few moments back, the whale deposited a huge amount of 500B coins back into the same crypto exchange.
The Sale of Assets Drops the Whale’s Remaining Balance to 250.33B $PEPE
As a result of this, the remaining assets of the whale dropped to 250.33B $PEPE. These tokens have a value of approximately $2.02M. This asset transfer denotes the considerably volatile nature of the crypto assets. In addition to this, this also highlights that the crypto market is quite risky where even big investors can go through massive losses.
The whale’s move to trade assets at such a large loss signifies deficient confidence in the $PEPE token’s future performance. Moreover, it also emerges as a strategic development to minimize the losses in a plunging market. As Lookonchain suggests, this event of huge $PEPE sale at a loss focuses on the importance of cautious risk management as well as the likely repercussions of following market trends.
Source: https://blockchainreporter.net/memecoin-whale-trades-500-billion-pepe-at-a-loss-of-2-3-million/