Ethereum
Ethereum Memecoin $PEPE Sees Continued Decline as Whale Activity Intensifies
The largest Ethereum memecoin, $PEPE, today experienced a further drop of up to 7%. On-chain reports highlight significant activity from one notable address, 0xf22…a685c, which is actively trading large volumes of $PEPE.
Over the past two days, this address deposited $357.2 billion PEPE on Binance at a loss. Today, he transferred $57.9 billion PEPE from Binance at an average price of $0.0000122, or $707,000. Despite this, the address still holds $248.7 billion PEPE, valued at $3 million, with an average transfer price of $0.0000133. This results in a floating loss of approximately $350,000.
In an effort to reduce the average cost and possibly recoup losses, the address added an additional $104.6 billion PEPE, worth $1.25 million. This increased the assets at $353.4 billion PEPE, valued at $4.23 million and reduced the average cost to $0.0000131. However, this still represents a floating loss.
Whale buys over $PEPE worth $50,000
A few minutes after this transaction, the address added another $500,000 in PEPE. Currently, the latest assets stand at $394.8 billion PEPE, valued at $4.74 million, with a average cost of approximately $0.00001304.
The recent activities of this whale have had a significant impact on market sentiment around $PEPE. The continued addition of $PEPE securities in an effort to reduce average cost indicates a strategic decision to mitigate losses, but also highlights the volatility and risk inherent in trading memecoins.
Investors are closely monitoring these movements, as the address’s actions could further influence the $PEPE price and market dynamics.
The persistent decline in the value of $PEPE, coupled with large-scale trading, highlights the challenges and unpredictability of the memecoin market.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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