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The meme coin market saw a major shake-up in the last 24 hours as a huge transfer of Pepe Coin (PEPE) took place. As on-chain data from Lookonchain revealed, a high-profile investor sold a whopping 500 billion PEPE, valued at around $4 million, directly to Kraken, a top U.S.-based crypto exchange.
The transfer of half a trillion frog-themed meme coins was completed in just 15 minutes. Before this sudden move, the same whale had already built up a big position of 750.38 billion PEPE, worth around $8.34 million, through purchases on Kraken.
The latest divestment, however, leaves the holder with a much smaller position of 250.33 billion PEPE, currently valued at $2.02 million. As things stand, this big sell-off cost the whale over $2.3 million.
Pepe Coin (PEPE) price outlook
Meanwhile, the price of the popular meme cryptocurrency demonstrated mixed trading in this 24 hours, as did the whole market, if we are being honest. Thus, the price of PEPE first soared by 6%, where it met a resistance at around $0.0000085. After that, meme coin quotes dipped to $0.0000077, where they found support.
Such major transactions can cause big price swings and affect the overall market mood. However, in this case, it may be a sign of a bottom coming soon, as the capitulation of whales worth millions of dollars looks much more like what Nathan Rothschild once called “blood on the streets.”
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