The Pepe Coin whale has sold much of his holdings on the market at a considerable loss, making others wonder what might happen next if they chose to dispose of their PEPE shares as well.
However, this major trader had held onto many tokens which had cost them money already. This is happening now for BTC as the US Government has auctioned off a major part of its seized Bitcoins in the market.
Pepe Coin Whale Transaction
In this recent transaction, a PEPE coin whale released about 85 billion of its holdings. These coins were equivalent to around $1.51 million in value as per the Lookonchain report.
This loss is added on the previous losses amounting to $1.74 million had by the coins on the remaining 180.8 billion PEPE that cost about $3.2 million.
The whale watchers are keeping a close eye for any selloff plan he might have considering his still huge position in terms of ownership. However, many believe it is unlikely because he would not like to incur more losses in relation to PEPE.
This was followed by another transaction where a whale made a move with their Pepe Coin holding earlier this week. The mentioned deposit was of 427billion tokens which stood at almost $8.5m
As per reports made by Coinmarketcap.com on April 26th, 2021.. The deposit was done at Kraken in order for it to stand with one trillion PEPE coins approximately worth $18.4m.
By then, however, these holdings were reported at profits of around 2 Million Dollars and were carried out through the same person who had received over eleven point seven million dollars from the token before.
PEPE Coin Price
The PEPE COIN price today traded at $ 0.00001766, which is down by 3.10% over a course of the past one-day and 13.87% over the past seven days as well. It also dropped its open interest by 4.52%
When fight for market capitalization and the volume of trading in the last twenty four hours are declining respectively by 3.12% and 21.98%.
The price of PEPE is considered to have reduced significantly because it lost momentum from its support level of $0.00002062 and has since then been falling.
It must be remembered that PEPE is rather volatile (about 11.79%) while experiencing bearish sentiments despite Fear & Greed Index being greed-oriented at 69 points.The token seems likely to fall even more in value given that BTC is expected to reach $90,000 soon enough on the other hand .
Concerns Over Bitcoin (BTC)
Consequently, around $6.7 billion worth of seized bitcoin tokens were sold by the US Government that raises concerns if prices will drop any further. Nayib Bukele and Robert Kiyosaki believe that more decline in the BTC price would provide an opportunity to buy token at a discounted rate because it is expected to increase in future.
In other words, experts remained positive about the market despite recent selloffs. To give you context, President Nayib Bukele of El Salvador views this dip as an opportunity to buy the flagship cryptocurrency at a discount.
More so there is a possibility that crypto market may remain unstable till such time as Trump Administration does not begin drafting some cryptocurrency friendly regulations following the United States Presidential inauguration session.
As a matter of fact, there have been hints towards this direction with the President-elect hosting players from within the crypto space or appointing pro-crypto figures into his administration. On the other hand, Pepe Coin among other meme coins seem poised for a strong recovery ahead despite fears of selloffs.
