Pepe (PEPE), a popular meme coin, is currently in the spotlight due to large-scale token dumps by whales. On August 30, 2024, one whale offloaded over 330 billion tokens valued at $2.53 million to the Kraken cryptocurrency exchange. This massive sell-off resulted in a loss of over $3.13 million for the whale.
Such significant dumps have raised concerns among traders and investors, causing fears of a potential market crash. The third-biggest meme coin is now closely watched as its heavy trading activity draws both scrutiny and speculation regarding its future price movements.
These whale activities in the PEPE market illustrate the volatility and risks associated with meme coins, highlighting the impact large holders can have on the market.
