Benzinga - It appears that the craze for meme-based cryptocurrency, Pepe Coin (CRYPTO: PEPE), may be losing momentum as whales have begun to reduce their holdings.
What Happened:
his follows a significant dip in the meme coin’s value, which has resulted in “smart money” wallets reducing their PEPE stash by $3 million over a 24-hour period, as per data provided by crypto intelligence firm Nansen.
Pepe Coin is currently down by 73.80% from its all-time high of $0.00000431, which was reached on May 5.
The decreasing trend is also reflected in the fact that the total amount of PEPE held by smart money accounts has nearly halved since late April, according to Nansen.
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This comes just a day after it was reported that crypto whales were snapping up substantial amounts of Pepe Coin.
According to blockchain tracker Lookonchain, three crypto whales on Wednesday purchased a total of over two trillion Pepe coins for more than $4 million.
3 whales started to buy $PEPE after the price dropped.0x50C1 withdrew 1.4T $PEPE($2.76M) from #Binance when the price was $0.000002054.
0x2Baa bought 212B $PEPE($429K) with 223 $ETH($412K) at $0.000001942.
0x3AE8 bought 424B $PEPE($864K) with 450 $ETH($831K) at $0.000001957. pic.twitter.com/Y3wFOshkDI
— Lookonchain (@lookonchain) May 9, 2023
One of the whales, 0x50C1, withdrew 1.4 trillion PEPE (worth $2.76 million) from Binance as the price of the coin dropped to $0.000002054.
Another investor, 0x2Baa, purchased 212 billion PEPE (worth $429,000) with 223 ETH (worth $412,000) at $0.000001942.
The third whale, 0x3AE8, reportedly bought 424 billion PEPE (worth $864,000) with 450 ETH (worth $831,000) at $0.000001957.
Price Action: At the time of writing, PEPE was trading at $0.000001172, according to Benzinga Pro.
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