The crypto market keeps witnessing turbulence, with diverse assets seeing huge losses. As per Lookonchain, a $PEPE whale has incurred a massive loss after selling 85B $PEPE tokens for 1.51M $USDC. This event indicates the rising uncertainty in the crypto market.
The on-chain analytics provider asserted that the sheer market slump of $PEPE has led to the respective losses. The incident has grasped the attention of the overall crypto community and may result in a rise in negative sentiment.
$PEPE Whale Faces Big Loss by Selling 85B Tokens Amid Market Downturn
Lookonchain mentioned that the whale sold 85B $PEPE tokens amid the wider market downturn. However, irrespective of the sell-off, the whale reportedly retains a considerable holding of up to 180.8B $PEPE tokens. At present, the respective figure accounts for $3.2M. Cumulatively, the whale has gone through an enormous loss of nearly $1.74M in $PEPE trades. This denotes a huge dip in the value of the token.
At the moment, the $PEPE token is changing hands at $0.00001742. This price level shows a 3.99% decrease over the past twenty-four hours. In addition to this, the crypto token has recorded a 14.16% price plunge during the recent seven days. Moving on, in a wider monthly price performance, $PEPE has incurred a heavy $31.12% decrease.
Recent $PEPE Plunge Raises Concerns about Token’s Market Stability
The above-mentioned $PEPE sale by the whale points toward the surging unease among top holders while the market faces growing instability. The recent market decline has paved the way for broad-ranged sell-offs across several speculative assets such as $PEPE. This highlights the diminishing confidence in the crypto token’s short-term potential.
This can deter new market entrants, raising concerns about the sustainability of meme tokens like $PEPE. As the crypto sector is grappling with the current downturn, $PEPE experiences increasing challenges despite its substantial market presence.
