As price drops and whale-induced selloffs continue to plague PEPE, doubts loom over its long-term sustainability.
- PEPE token is experiencing another substantial dump, raising concerns about its future.
- Repeated price drops and whale sell-offs add to the uncertainty surrounding PEPE.
- The price of the token has dropped significantly over the past week.
Unusual transactions raise questions
According to Lookonchain data, a notable transaction took place with address 0x1497, which recently decided to divest its entire holdings of 972.84 billion PEPE tokens.
The tokens were sold for 514 ETH, which equates to an estimated value of approximately $848,000. Notably, the sale price was recorded at $0.0000008718 per token.
This particular transaction has sparked speculation among some observers, raising concerns about the possibility of insider trading.
Upon further investigation, it turned out that the aforementioned address had received an amount of 0.58 ETH from FixedFloat.
The address wasted no time using part of this amount, about 0.027 ETH, which translates to about $58.
The funds were promptly used to acquire an astounding 2.27 trillion PEPE Tokens.
It is worth noting that this trade took place just minutes after PEPE started trading.
In a separate incident reported by CoinGape, another individual described as a “whale” suffered a significant loss while trading PEPE.
The whale sold a significant amount of 468.5 billion PEPE tokens for 109 ETH, worth $190,000, and an additional $237.5k
Unfortunately, this transaction resulted in a 52% loss for the whale.
Bearish Sentiment Around PEPECOIN
The recent spate of whale-initiated token dumps has reinforced the prevailing bearish sentiment around the PEPE token.
These large-scale whale sales have put enormous downward pressure on the value of the token, leading to observable effects in the market.
The aftermath of these whale-driven transactions has been reflected in a continued fall in the price of PEPE, confirming the negative sentiment permeating the token’s ecosystem.
Over the course of the past week, the PEPE token has experienced a notable drop in its total value.
In the past 24 hours, the price is down 9.62%, indicating a sudden downturn.
Notably, the most significant drop occurred over a seven-day period, with a significant drop in value of 72.6%, as reported by Coinbase.
These substantial price movements highlight a prevailing bearish trend within the PEPE market and may also provide insight into the broader sentiment present in the cryptocurrency landscape.
Related Reading: Pepecoin Price Drops, Breach of Key Support Level – Further Downfall Ahead?
Featured image from iStock, charts from TradingView.com
