Large holders Pepe meme coin have recently experienced losses as they sold significant amounts of the token.
This article examines the on-chain transactions and market trends surrounding Pepe, shedding light on the decrease in token value and the reduced interest in memecoin trading on decentralized exchanges.
Pepe Sales Result in Losses: Notably, one Ethereum address identified as 0x4614 sold a staggering 375.8 billion Pepe tokens valued at approximately $439,690, incurring a loss of 76 Ether (equivalent to $142,000).
Another Ethereum address, 0x6544, sold 257.9 billion tokens worth $306,000, resulting in a loss of $35,000. These significant sales highlight the losses experienced by these large Pepe token holders.
Pepe Whale Deposits Tokens on Binance: Additionally, a Pepe whale deposited over 649 billion tokens, valued at over $760,000, to the popular cryptocurrency exchange Binance.
While sending tokens to an exchange doesn’t necessarily indicate an intent to sell, this deposit adds to the overall activity surrounding Pepe tokens.
Pepe’s Value Declines: According to CoinMarketCap, the price of Pepe has dropped by 8.33% in the past 24 hours. This decline follows a month-long period during which the memecoin has lost almost 70% of its value.
The current market downturn has contributed to the negative performance of Pepe and has likely affected the sentiments of its investors.
Pepe Token: A Memecoin Disclaimer: Pepe’s website emphasizes that the token holds no intrinsic value or expectation of financial return. It is considered a meme coin with no formal team or roadmap.
The sole purpose of Pepe is entertainment, as stated on the website. It is crucial for investors to be aware of the token’s nature before engaging in trading activities.
Decreased Interest in Memecoin Trading: The decline in the value of Pepe aligns with a general reduction in interest in memecoin trading on decentralized exchanges.
As a consequence, average Ethereum transaction fees have also decreased. In May, the hype surrounding memecoins led to The Block’s DEX to CEX ratio surpassing 20%, but this metric has since cooled off and fallen below 15%.
