Mysterious whale dumps $1.74M in PEPE for Ethereum (ETH)

Spot on Chain has revealed an eye-catching transaction involving a PepeCoin (PEPE) whale. The large-scale investor dumped 1.731 trillion tokens (worth $1.74M) for 742.6 Ethereum (ETH). PEPE traded at $0.000001004 during the transaction.

Notably, the trader purchased PEPE worth $936,000, $0.00000005406 per token, between April & May 2023. He realized 85.7% ($802,500) in returns following the sale.

Pepe is an Ether-based digital coin launched on 17 April 2023. The alt quickly gained popularity as it capitalized on the dominant meme coin trends.

Pepe price outlook

PEPE reacted to the massive transaction with a bearish move, losing 9% over the past day to trade at $0.0000009518.

The dog coin had steadily plummeted since hitting $0.000001015 on 11 January.

PepeCoin extended its downside as bears dominated the crypto market following the spot Bitcoin exchange-traded fund approval. Consequently, it breached its daily MA to the downside as prices explored 3-month lows.

PEPE attracted attention during the weekend after flagging some suspicious deployer activity.

The team clarified that the transaction and any future action from the wallet have no connection to its remaining staff. Ex-employees who stole from PEPE’s treasury are likely behind the transfer.