Memecoins
Ethereum Memecoin $PEPE Sees Continued Decline as Whale Activity Intensifies
Ethereum’s largest memecoin, $PEPE, a further drop of up to 7% was recorded today. On-chain reports highlight significant activity from a prominent address, 0xf22…a685c, which has been actively trading large volumes of $PEPE.
Over the past two days, this address has deposited $357.2 billion PEPE on Binance at a loss. Today he transferred $57.9 billion PEPE from Binance at an average price of $0.0000122, equivalent to $707,000. Despite this, the address still holds $248.7 billion in PEPE, worth 3 million dollars, with an average transfer price of $0.0000133. This translates to a floating loss of approximately $350,000.
In an effort to reduce the average cost and possibly recover from losses, the address added another 104.6 billion PEPE, worth $1.25 million. This increased the PEPE holdings at $353.4 billion, valued at $4.23 million and lowered the average cost to $0.0000131. However, this still represents a floating loss.
The whale buys more $PEPE worth $50,000
Minutes after this transaction, the address added another $500,000 in $PEPE. Currently, the latest holdings stand at $394.8 billion PEPE, valued at $4.74 million, with a average cost of approximately $0.00001304.
This whale’s recent activities have had a significant impact on market sentiment surrounding $PEPE. The continued addition of $PEPE holdings in an attempt to lower the average cost indicates a strategic move to mitigate losses, but also highlights the volatility and risk inherent in memecoin trading.
Investors are watching these movements carefully as the address’s actions could further influence the price of $PEPE and market dynamics.
The persistent decline in the value of $PEPE, coupled with large-scale trading, highlights the challenges and unpredictability of the memecoin market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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