- PEPE whales are distributing their holdings, early Wednesday one whale transferred $14 million in tokens to Binance.
- PEPE holders realized over $18 million in profits in past ten days.
- Meme coin is down nearly 4%, trading at $0.00001248.
Pepe (PEPE) is trading at 0.00001248, down nearly 4% on Wednesday. The frog-themed meme coin noted consistent profit-taking by traders in the past ten days.
Consistent profit-taking typically increases selling pressure on an asset and is likely to push the price lower. On-chain data trackers observed a spike in PEPE deposits to centralized exchanges, contributing to the rising selling pressure.
PEPE holders’ profit-taking and exchange deposits could push prices lower
The frog-themed meme coin has noted a spike in profit-taking by holders in the past ten days. Data from crypto intelligence tracker Santiment shows that between June 15 and 25, PEPE holders realized over $18 million in profits.
Despite massive profit-taking, the meme coin has sustained seven-day gains of 14.31%.
 [00.04.38, 27 Jun, 2024]-638550252638003917.png)
PEPE network realized profit/loss vs price
Data from Spotonchain shows that whale wallet “0x387” transferred 1.1 trillion PEPE tokens worth $14.2 million to Binance, a centralized exchange address “0x0b1.” Analysts at Spotonchain suspect that the tokens are likely to be sold, or “offloaded” by the whale.
The whale wallet has another $3.78 million or 300 billion PEPE left, and the estimated total loss of the address is $1.7 million.
In the past hour, whale "0x837" transferred 1.1T $PEPE ($14.2M) to the #Binance deposit address "0x0b1". Watch out if this will soon be unloaded to the CEX.
— Spot On Chain (@spotonchain) June 26, 2024
Note that the whale still has 300B $PEPE ($3.78M) left, and the estimated total loss from $PEPE is $1.7M (-5.69%).
Follow… pic.twitter.com/5TETNGmibD
PEPE supply on exchanges has climbed to over 171 trillion on June 27. PEPE supply has climbed nearly 1% in the past ten days. It remains to be seen whether the meme coin extends its losses.
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