Altcoin PEPE has been writing big losses to its investors lately. As the value of the coin continues to decline, many major wallets are selling off their holdings to avoid further losses. Here are the details…
Altcoin whales sell PEPE
cryptocoin.com As we have reported, PEPE coin, the popular altcoin project of recent times, has been in a difficult situation for several weeks. Because the cryptocurrency has experienced another significant drop in the last 24 hours, losing 15 percent of its value. The repercussions of this downturn have been particularly harsh for some of the big investors who are currently throwing in the towel and selling their holdings with significant losses. Lookonchain reports that big whales and smart money are actively selling PEPE assets.
Whales/SmartMoneys are selling $PEPE.
A whale deposited 649B $PEPE($761K) 1 hr ago.
0x4614 who made 1,182 $ETH($2.2M) on $PEPE sold 375.8B $PEPE($306K) at a loss of 76 $ETH($142K) 1 hr ago.
0x6544 who made $352K on $PEPE sold 257.9B $PEPE($306K) at a loss of $35K 4 hrs ago. pic.twitter.com/w8crgva6S0
— Lookonchain (@lookonchain) June 5, 2023
The impact of these sales is clearly visible in the recent transactions of two key investors. Just an hour ago, a whale deposited 649 billion PEPE tokens worth approximately $761,000. This move demonstrates a lack of confidence in the coin’s future prospects. Also, 0x4614, which had previously made significant gains of 1,182 ETH (equivalent to $2.2 million) from PEPE, recently sold 375.8 billion PEPE tokens with a loss of 76 ETH (approximately $142,000). Similarly, 0x6544, who earned $352,000 from PEPE, decided to sell 257.9 billion PEPE tokens, making a loss of $35,000.
Other meme coins are also falling
Unfortunately, most meme coins also seem to share PEPE’s decline. Data from CoinMarketCap reveals that almost all big meme coins are currently experiencing significant losses. Over the past seven days, Dogecoin (DOGE) has lost 8.2 percent, SHIB 7.5 percent, PEPE 30 percent and FLOKI 15 percent. These statistics highlight the prevailing negative sentiment in the meme coin industry.
The decline of PEPE Coin and other meme coins can be attributed to several factors. First, market sentiment is deteriorating as regulatory concerns continue to loom over the cryptocurrency world. Governments and regulators are scrutinizing the industry more closely, leading to uncertainty and caution among investors. In addition, the initial excitement and speculative frenzy that once surrounded meme coins has begun to wane. Because many investors were disappointed and tried to reduce their losses.
As the broader cryptocurrency market matures, investors are becoming increasingly selective. Investors focus on projects with strong foundations, real-world utility, and solid development teams. Meme coins that are often created as “parodies” or “pranks” typically lack these features. This makes them more susceptible to significant price fluctuations and market dips. While it is not yet clear whether PEPE Coin and other meme coins will survive this latest downturn, current market trends suggest they have a tough road ahead. Regulatory uncertainty remains as investors grapple with losses.
