While the markets display optimism as pundits watch the altcoin season unfolding, a cryptocurrency whale attracted the digital asset’s community attention.
The latest blockchain data shows the large-scale investor offloaded 356.2 billion Pepe tokens for 31x profits.
A whale just deposited 356.2B $PEPE ($7.3M) to #Kraken, securing a massive $7.3M profit (31x return)!
On Sep 20, 2023, this whale withdrew 375.65B $PEPE from #Gemini for just $237K.
By Feb 17, 2024, the whale began offloading via DEX and Kraken, allegedly cashing out $7.54M in…
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The transaction has raised worries as it suggested that PEPE has topped after its recent surges.
Notably, the massive dump comes after PEPE gained around 145% within the past month, confirming profit-taking.
PEPE’s profit-booking kicks in: whale dumps billions of tokens
Spotonchain data revealed the significant whale transaction.
The investor sent a whopping 356.2 billion PEPE tokens, worth approximately $7.3 million, to the Kraken crypto exchange, netting 31x profits on his initial investment.
Meanwhile, the asset transfer underscored the investor’s strategic investment approach.
Further details show the trader initially accumulated 375.65 billion coins, worth 237K at then prices, from Gemini on 20 September 2023.
Despite the small investment, PEPEs’ remarkable performance made it a million-dollar stake.
Meanwhile, the whale started selling PEPE through Kraken and DEXs in Feb 2024, cashing out $7.54 million – a 310% profit – after sales completion.
The whale movements show why timing is crucial in the crypto world, where players accumulate at discounted prices and sell higher for remarkable returns.
Moreover, the transaction raised worries as it depicted faded trust in PEPE’s continued surges.
Large-scale investors often quit before substantial retracements, which are somewhat usual after massive gains.
PEPE’s price outlook
The frog-themed crypto traded at $0.00002046 after a 0.60% increase within the past day.
Meanwhile, bearish tendencies appear visible amid whale sell-offs. PEPE has seen a 40% dip in daily trading volume, confirming fading trader interest.
The prevailing weakness emerged after the token surged 10% and 145% in the past week and month, sparking optimism.
Furthermore, the markets remain positive, with all eyes on the much-awaited altcoin season.
Are we in an altcoin season?
While Bitcoin fails to overcome the $100,000 mark, Blockchaincenter’s data shows the crypto sector entered an alt season.
The index has climbed from 23 in early November to 80 at press time.
Source – blockchaincenter
An altcoin season occurs when the index surpasses 75%, meaning 75% of the top 50 cryptocurrencies, excluding asset-backed coins (such as stETH & WBTC) and stablecoins, outperform Bitcoin in a 90-day timeframe.
Moreover, the latest X post by Binance’s former CEO has hinted at the start or continuation of an altcoin season.
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While PEPE momentum has weakened due to profit-taking, broad market sentiments show any plunge will be short-lived.
Data shows the crypto space is in an altcoin season, positioning alts for explosive uptrends in the upcoming sessions.
Such environments will see PEPE eyeing the $0.00015100 target in the next bullish wave – an over 630% gain from current prices.
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