thecryptobasic.com
$PEPE is facing intense selling pressure, potentially triggered by the 60% uptick in the price of the token.
$PEPE is in the spotlight today after its price led to the broader memecoin resurgence. According to data from the crypto analytics platform Lookonchain, the 60% jump comes at a time when 6 wallets sold their $PEPE in profitable trades.
Per the Lookonchain analysis, the 6 wallets possibly belonged to two distinct holders.
$PEPE Selloff and Accompanying Profits
The current surge in the price of $PEPE has pushed the token to 72% in the trailing 7-day period and by more than 92.95% over the past month.
After waiting sufficiently for the price rallies, the 6 wallets sold a combined 1.98 trillion $PEPE worth approximately $4.37 million as they took profits. These wallets raked in a total profit of approximately $2 million.
Per the insight, one of the wallets “0xa145” deposited 486.72 billion worth of $PEPE valued at $1.04 million to Binance hours before this writing. From this transaction, Lookonchain estimated that the seller secured a profit of $515,000, or a 97% gain.
The price of $PEPE has increased by more than 60% today!
6 wallets sold 1.98T $PEPE($4.37M) to take profits, with a total profit of ~$2M.
Wallet"0xa145" deposited 486.72B $PEPE($1.04M) to #Binance 6 hours ago, making ~$515K (+97%).https://t.co/RyJqmGu1At
5 wallets (possibly… pic.twitter.com/rulYxYE4W5
— Lookonchain (@lookonchain) February 27, 2024
The remaining 5 wallets, which the analytics platform estimated belonged to the same person, also transferred a total of 1.5 trillion $PEPE to Binance. The asset was sold for approximately $3.3 million, netting the whale a total of $1.49 million or 82% profit.
$PEPE Price Overview
The broader crypto ecosystem recorded a massive valuation jump triggered by Bitcoin’s surge to $57,000. While the general growth catalyst lies in the sentiments surrounding the spot Bitcoin ETF market, $PEPE has built on this hype to chart a massive growth path for itself.
Amidst the volatility that gripped the industry earlier, $PEPE’s 24-hour price and market cap gains are now pegged at 38.67% to $0.000002147 and $903,409,481, respectively. Over the past day, $PEPE’s price has oscillated from a low of $0.000001439 to $0.00000228 before settling at the current level.