PEPE holders realize over $18 million in gains in ten days, wipe out nearly 4% in value

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%. 

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. 

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.