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- Two whales withdrew 828.6 billion PEPE from Kraken, facing significant losses in a volatile meme token market.
- Despite big losses, some whales continue to buy large amounts of PEPE, showing confidence in potential future gains.
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. This transaction, which Spot On Chain reported, emphasizes the ongoing volatility in the meme coin market, particularly in light of the larger market collapse.
Two 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 Face Big Losses in PEPE Holdings
Both of these whales now have large PEPE positions, at more than $4 million each. However, their investments have not been without complications.
The first whale suffered a significant loss of $842,000, accounting for around 16.2% of its total capital. This loss occurred after having the meme token for two months.
The second whale, on the other hand, has suffered an even greater loss, totaling $2.43 million, or 20.2% of their original investment. Surprisingly, this second whale only had the token for three days, making the loss very significant in such a short period.
These developments highlight the harsh realities for both retail investors and whales in the cryptocurrency market, particularly in the extremely speculative area of meme tokens. At the time of writing, PEPE is trading at around $0,000007388, down 0.49% over the last 24 hours and 36.71% in the last 30 days.
Despite these issues, PEPE is still the 25th largest cryptocurrency by market cap, having a market worth of approximately $3.11 billion. It is now ranked just above Aptos (APT) and directly below Internet Computer (ICP).
Even in present market conditions, some investors see possible prospects. Previously, as we previously reported, a whale going by the handle “cookislandstrust.eth” was spotted buying 420 billion PEPE tokens amid the market’s recent crash.
This whale spent a total of 3.13 million USDT in the last seven days to purchase these tokens through two different transactions on August 5 and August 12.
Furthermore, CNF previously revealed that one analyst anticipated the potential for a major recovery and rally in PEPE, WIF, and POPCAT. However, this positive future is heavily dependent on the movement of Bitcoin, the major crypto, as well as the overall recovery of the meme token market.
