• PEPE whale sells 180 billion PEPE for $279,000 after purchasing 5.9 trillion PEPE for $251. 

• PEPE price has fallen by 7 percent in the last 24 hours with bearish market sentiment. 

PEPE has been one of the fastest-rising meme coins in the market with incredible growth and adoption rates since its emergence. Over the past few months, crypto investors have been actively accumulating the asset in a bid to sell them off when the bulls drive the price to its peak.

In a latest report, a crypto whale identified as Dimethyltryptamine.eth has made a huge sell-off. It can be recalled that this whale used $251 or 0.125 ETH to purchase 5.9 trillion tokens.

According to crypto insights service provider Lookonchain, this whale has sold 180 billion PEPE tokens for 149.4 ETH ($279,000). This brings his total PEPE sales to 3.83 trillion PEPE, equivalent to 2,411 ETH ($4.5 million). Lookonchain believes that about 2.07 trillion PEPE ($3.24M) is left in his portfolio. 

Dimethyltryptamine.eth’s fortune in the meme coin has opened the meme industry up for more investors. However, the sell-off can drive a negative sentiment to the market as current holders may be forced to dump the asset over fear and panic. This sell-off also reduces liquidity to a large degree which may affect future price growth. However, analysts believe that liquidity may not be affected much as the asset has robust liquidity. 

Some Current PEPE Whales

Despite this recent sell-off, a huge portion of the asset is still in the hands of several investors with a wallet identified as “Binance 8x” holding 83,320,446,780,756.534 PEPE ($120 million). According to Etherscan, this is 19 percent of the total amount held. Another wallet holds 26,741,960,811,214.83951 PEPE. This is 6 percent of the asset and worth around $38 million. Another wallet has $29 million, $10 million, and $6 million in that order.  

PEPE has a current bearish market sentiment and has taken some steps down the price curve to trade at $0.000001 after falling by 11 percent in the last seven days. In the last 24 hours, the asset has fallen by 7 percent. However, the meme coin has managed to rise by 2,443.33 percent in the last 90 days and 56 percent in the last 30 days. In the past 24 hours, its trading volume is currently around $98,034,979 as of press time. 

While investors go after meme coins for their ability to stage a bull run overnight, several experts have issued warnings claiming they are merely designed to make the creators rich. According to Hitesh Malviya founder of itsblockchain.com, the fear of missing out by retail investors is what drives the price up. In his explanation, Malviya played down the possibility of assets like Shiba Inu hitting $1 considering the huge circulating supply. 

There is a large community behind the rally and, especially in the case of Shiba Inu, they believe that the price will hit $1. But investors should understand that it is not possible because of the circulating supply of Shiba. Investors should be very careful at these levels because the correction could also be long.