PEPE Experience Selling Pressure as Whale Dumps 330 Billion Coins to Kraken, Price Decline Ahead?

A large transaction involving PEPE memecoins has taken the crypto community’s attention. Over the last day, a whale dumped a staggering amount of PEPE, to the tune of 330 billion to the Kraken centralized exchange. Interestingly, this was done at a time when the price of PEPE was experiencing a steep decline. However, this trader undermined the market conditions and sold a portion of his holding at a loss.

The price of PEPE has suffered heavy volatility within the last seven days, declining by a significant 15%. After peaking at $0.000009731, the coin traded as low as $0.000007871. The notable drop in value has raised concerns among investors about the future price trajectory of the asset.

Pepe Trader Selloff 330 Billion Coins

Amid the market downtrend, Lookonchain, a prominent crypto transaction tracker, highlighted this major transaction and reported it on X (formerly Twitter). According to the post, the whale deposited 330 billion PEPE, valued at $2.53 million, to the California-based crypto exchange about an hour ago from reporting. Done in two transfers, the first moved 180 billion tokens to the exchange, and the second shifted 150 billion PEPE coins.

Notably, the whale still has 1 trillion PEPE, worth $7.57 trillion, in his wallet address following the huge sale. Moreover, the whale has made a series of PEPE transactions in the past that also caught the attention of onlookers.

Earlier this month, precisely on August 18, two wallets belonging to this same whale were involved in buying and selling large portions of PEPE coins. Per the report, the first transaction was sold about 500 billion PEPE, at an average price of $0.000008, and then bought 828.64 billion PEPE at a slightly lower price of $0.0000074. However, shortly after the whale went on to withdraw the 828 billion PEPE, worth $6.18 million from the exchange.

Ultimately, the whale now has a total PEPE holding of 1.3 trillion, valued at $9.93 million. Moreover, amid all these transactions, the whale saw losses of about $3.3 million.

When large transfers such as these are sent to centralized exchanges, they are usually perceived as a major selloff, and this can trigger bearish sentiment among other investors who might be influenced to dispose of their holdings following the footsteps of the reported whale.

Pepe Price Movement Amid Whale Activity

Meanwhile, the price of the asset has seen a mild uptick in the last 24 hours. According to data from CoinMarketCap, PEPE spiked marginally by 0.05% at the time of writing to trade at $0.000007747. Additionally, its trading volume over the last day crashed notably by 10.86% to $497.4 million.

This illustrates reduced trading activities surrounding the coin among investors and traders. However, it is important to note that the decline in the price of PEPE is not isolated, rather it depicts a broader market trend as investors continue to lose confidence.