PEPE Coin whales are going through tougher days as the cryptocurrency has lost almost 20% within the past 24 hours. There were some large investors who decided to withdraw and sell PEPE with significant losses.
According to data from Lookonchain, a popular online source of analytics, at least two whale addresses have recorded significant losses. An address ending in 0x4614 sold a total of 375.8 billion PEPE with a loss of $142,000 (approximately 76 ETH) today. Another whale sold about 257 billion PEPE ($306,000 worth) with a loss of about $35,000.
This information shows that PEPE holders have faced a sharp price drop and significant loss of profits. The withdrawal of these large investors may negatively affect the confidence and value of PEPE Coin in the near term.
Not only PEPE, but most other memecoins are also experiencing negative actions. Data from CoinMarketCap shows that almost all major memecoins are trading at significant losses.
Over the past seven days, DOGE is down 2%, SHIB is down 4.2%, PEPE is down 20%, FLOKI is down 7.83%, BONE is down 13.3%, ELON is down 4.2%, and many more memecoins Others also recorded price reductions. These numbers show the recent decline in the value and profitability of memecoins.
The memecoin encountering a drop in price may reflect investors’ profit taking and exit, as well as market sentiment shifting to other asset classes. This could also be the result of criticism and concerns about the sustainability and real value of the memecoin.