A Pepe whale has sold 150 billion tokens worth $1.14 million, leading to a 6.5% decline in the memecoin’s price on daily charts. The sale is part of a larger trend of whales selling their assets, indicating weak market confidence.
The whale initially bought 1.5 trillion tokens at $43 million and has since sold 1.02 trillion tokens worth $6.6 million. According to IntoTheBlock, whales have sold over 2.95 trillion Pepe tokens in the past day alone. This selling activity is attributed to strong bearish sentiments across the crypto markets.
The sell-side pressure is evident in the RSI, which made a bearish crossover, and a positive spot netflow, indicating more exchange inflow than outflow. The memecoin has dropped on weekly and monthly charts as well, with losses of 1.2% and 3.87%, respectively.
Long position holders are at a loss, with one trader experiencing a loss of over $3.36M due to the leverage. The market is expected to see more losses if the selling activity continues. However, a reversal could see the memecoin reclaim $0.0000073 if buyers reenter the market.
Source: https://ambcrypto.com/pepe-whale-offloads-150b-tokens-what-this-means-for-price