Pepe Coin experienced a 75% price surge in the past 24 hours, driven by its recent listings on prominent platforms such as Coinbase and Robinhood. However, the rise has caught the attention of significant stakeholders, known as whales, who are likely to secure their profits amidst this price increase.
This speculation is supported by on-chain data revealing a significant transaction where a Pepe Coin whale has off-loaded nearly 500 billion coins. The dump secured the whale a substantial profit, netting close to $45 million.
The move prompts market watchers to prepare for a potential meme coin selloff, as other whales might follow suit, booking profits after such unprecedented price hikes.
This development underscores the volatile nature of meme coins like Pepe Coin, which are subject to drastic price fluctuations impacted by concentrated sell-offs from large-scale holders.
