500B Pepe Coin Dump Sparks Concerns Over Meme Coin Selloff

News

  • PEPE surged 75% after major exchange listings, sparking excitement and concern.
  • A whale dumped 500B PEPE coins, booking $45 million in profit.
  • Rising social chatter and liquidations signal a potential meme coin selloff ahead.

Recently, Pepe Coin experienced an incredible 75% surge in one day. This massive jump followed listings on major exchanges like Coinbase and Robinhood. However, behind the excitement, something troubling is brewing. A large holder, or whale, recently dumped 500 billion PEPE coins, making $45 million in profit. This move raises fears that other whales could follow suit, triggering a broader selloff across meme coins.

https://twitter.com/Utoday_en/status/1857088196129005895?t=OxIq3FrhzgTUPfND5Ii7fA&s=19

Whale Cashes Out with $45 Million Profit

Whales have started selling off their massive PEPE holdings. One whale recently sold 500 billion PEPE coins for $11.8 million. This whale had accumulated 2.01 trillion PEPE tokens between May and September 2023. The initial investment was 1,170 ETH, worth $2.12 million at the time.

Even after the sale, this whale still holds 1.48 trillion PEPE, worth $33.2 million. With a 20x return on investment, the total profit from this move is estimated at $45 million. This suggests whales are shifting from long-term holding to cashing in. Such moves often signal a potential market correction.

Warning Signs of a Meme Coin Selloff?

Pepe Coin’s price surge is part of a larger trend. Other meme coins like DOGE, FLOKI, and BONK also saw big gains in recent days, with some rising over 100%. But the meme coin market is now filled with FOMO and greed, which often leads to sharp pullbacks.

On-chain data from Santiment shows an increase in social discussions about meme coins. This kind of chatter often precedes market corrections. As PEPE’s market cap hit new highs and trading volumes soared, caution is starting to replace excitement.

Open interest in PEPE surged 63%, and 24-hour liquidations topped $48 million. These signs point to an impending selloff. As whales cash out, the frenzy could quickly fade, leaving smaller investors to deal with the fallout.

The post 500B Pepe Coin Dump Sparks Concerns Over Meme Coin Selloff appeared first on Crypto News Land.

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