Two whales have made a big move in the cryptocurrency market, withdrawing a massive 828.6 billion PEPE tokens, worth $6.2 million, from Kraken.
Two cryptocurrency whales have made a substantial move by withdrawing a total of 828.6 billion PEPE tokens, valued at approximately $6.2 million, from the Kraken exchange. This transaction, highlighted by Spot On Chain, underscores the volatility present in the meme coin market, especially considering the broader market crash.
Whales Withdrew 828.6B $PEPE ($6.2M) from #Kraken 9 hours ago!
Both whales now hold more than $4M worth of $PEPE but are also experiencing significant losses from their positions.
Follow @spotonchain and set alerts for #MEMEcoin $PEPE now for the latest whale updates via… pic.twitter.com/qiDACw6Z6o
— Spot On Chain (@spotonchain) August 18, 2024
Whales Incur Hefty Losses on PEPE Holdings
Both whales now have substantial holdings in PEPE, with each exceeding $4 million. However, their investments have not come without complications.
The first whale experienced a significant loss of $842,000, which constitutes approximately 16.2% of its total capital. This loss occurred after holding the meme token for two months.
The second whale, on the other hand, incurred an even greater loss, amounting to $2.43 million, or 20.2% of their original investment. Notably, this second whale only held the token for three days, making the loss substantial over such a brief period.
These developments showcase the harsh realities for both retail investors and whales in the cryptocurrency market, especially in the highly speculative domain of meme tokens. At the time of writing, PEPE trades at around $0,000007388, down 0.49% in the last 24 hours and 36.71% in the last 30 days.
Despite these struggles, PEPE remains the 25th largest cryptocurrency by market capitalization, boasting a market value of approximately $3.11 billion. It is currently ranked just above Aptos (APT) and directly below Internet Computer (ICP).
Even in the current market conditions, some investors are finding potential opportunities. As previously covered by CNF, a whale known as “cookislandstrust.eth” was spotted buying 420 billion PEPE tokens as the market experienced a recent crash.
This whale spent a total of 3.13 million USDT in the last seven days to acquire these tokens through two separate transactions on August 5 and August 12.
Moreover, CNF earlier reported that one analyst predicted the possibility of a major recovery and rally in PEPE, WIF, and POPCAT. However, this positive future is largely contingent on the movement of Bitcoin, the leading crypto, and the overall recovery of the meme token market.
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