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.