Whale Moves Two Trillion PEPE, Sparks Sell-Off Speculation, Market Watches

PEPE, a frog-themed meme coin, has seen a notable surge in reserves on cryptocurrency exchanges, reaching a two-month high. This development is drawing attention from South African investors, given the growing interest in meme coins in the region.

On-chain data from Santiment reveals that 40.74% of PEPE’s total supply is now held on exchanges, the highest since October 2023. This increase in exchange reserves, steadily rising since December 22, indicates heightened selling pressure, which could impact its price negatively.

Furthermore, the exchange flow metric shows a significant uptick in PEPE inflows since early January. Typically, such an increase in exchange supply suggests growing selling pressure, potentially leading to a decline in asset prices. This trend is particularly relevant for South African investors looking to diversify their portfolios with digital assets.

Whale transactions, involving sums of $100,000 or more, have also seen an increase from January 8. This coincides with a trend of profit-taking among large wallet investors, as indicated by the Network Realized Profit/Loss metric. Such movements are closely monitored in South Africa’s crypto communities, as they could forecast market trends.

According to Lookonchain, a notable transaction involved a large wallet investor moving two trillion PEPE to Binance. This investor had acquired 2.01 trillion PEPE tokens, spending 920 staked Ether (stETH) and 253 wrapped Ether (WETH) from May 5 to September 10.

Should this investor decide to sell their holdings, on-chain data suggests a potential profit realization of $705,000 (approximately ZAR 13.13 Million). Such a large-scale sale could significantly impact PEPE’s market price.

At the time of writing, PEPE’s price stands at $0.00000137, marking a 2.19% increase from the previous day and an 11.11% week-on-week rise. For South African crypto enthusiasts and investors, these dynamics in the PEPE market offer insights into the volatile nature of meme coins and their potential impact on broader market trends.