Remember Pepe Coin’s brief flirtation with fame? Well, they’re looking further away as a major investor cashes out, adding pressure to the already struggling memecoin.
Pepe Coin’s brief flirtation with fame seems to be fading fast. A major whale decided to dump a significant chunk of their holdings, selling off 150 billion tokens worth $1.14 million, according to Lookonchain data, deepening the gloom around the digital currency.
This particular whale, a key figure in the PEPE saga, initially invested just over $2,000 to acquire a massive 1.5 trillion PEPE. At its peak, this stash was valued at a staggering $43 million. So far, this savvy (or perhaps once-lucky) investor has offloaded 1.02 trillion tokens, pocketing a cool $6.66 million.
They’re not done yet. The whale still holds 493 billion PEPE, currently valued at $3.64 million. Even after the recent sell-off, their total profit from PEPE stands at an eye-watering $10.3 million – a 4,718x return on their initial tiny investment.
The market isn’t reacting kindly. Pepe Coin is currently trading at $0.0000073, a 5.57% drop in the last 24 hours. While there was a flicker of optimism earlier this week when another whale bought 500 billion tokens, the overall trend remains downward. Since the start of the year, PEPE has plummeted by 62%.
Unless the selling pressure from whales lets up and the broader memecoin market finds some new energy, Pepe Coin’s journey back to its former buzz looks like a tough climb.