Crypto Whale Dumps 366 Billion PEPE, Prices Drop Immediately

Crypto whale dump 366 billion PEPE, price immediately slumped (Photo; Doc. Minmax)

JAKARTA - Pepe Coin, one of the main players in the meme coin space, experienced a significant drop in prices today. The decline in PEPE prices occurred when investors took advantage of the opportunity to take advantage, causing the coin's value to drop by 6%. However, this decline came after a whale (big crypto asset holder) carried out a sizable dump, sparking market speculation about the next price move.

According to a recent report from SpotOnChain, quoted from CoinGape, a Pepe Coin whale has deposited about 366 billion PEPE worth 5.31 million US Dollars (approximately IDR 86 billion) into Binance. The report suggests that this action may be a sell-off by bigholders, especially as Pepe Coin has recorded a significant increase in recent days.

This whale transaction allows the holder to gain around 4.84 million US Dollars (around Rp. 78.4 billion), which is an extraordinary increase of 985%. In addition, the report highlights that this whale uses the same deposit address as the other two intelligent traders who recently benefited from PEPE.

In other words, the recent spike in meme coin prices created an opportunity for some PEPE investors to take advantage. However, the massive entry of these transactions has led to a price drop.

This significant market reaction to the dump varies, with some investors expressing concerns about the potential for further decline. The huge gains obtained by whales show a strategic trading pattern that could affect the dynamics of this coin market.

However, investors are closely monitoring this situation, trying to anticipate the next step of this large holder. In addition, Pepe Coin's price hike was recently driven by a combination of factors, including increased market interest in meme coins and speculative trade.

However, the massive sell-off of the whale appears to have dampened this enthusiasm. The market is currently in a volatile state, with many traders waiting to see if prices will stabilize or continue to decline.

To date, Pepe Coin's price has fallen by 6.02% and is trading for 0.00001434 US Dollars (approximately IDR 0.23), while its trading volume has fallen 18% to 1.28 billion US Dollars (approximately IDR 20.7 trillion). However, in the last 30 days, the price of PEPE has risen by about 70%, reflecting the growing trust of traders towards this frog-themed meme coin. Meanwhile, Pepe Coin's open interest fell 6.83% to 159.02 million US Dollars (approximately IDR 2.57 trillion), according to CoinGlass data.