Pepe Coin Whale Dump Raises Fears of Meme Coin Selloff
The price of Pepe Coin (PEPE) spiked 75% after Coinbase and Robinhood listings, but recent whale activity has investors bracing for a meme coin selloff. One major PEPE investor dumped 500 billion coins, making $45 million in profit, highlighting the volatility of these assets as whales begin profit-taking. This whale still holds 1.48 trillion PEPE tokens, valued at $33.2 million.
Meme Coin Sector Soars with Caution Ahead
Following Donald Trump's election victory, meme coins have surged as investors pile in. Dogecoin (DOGE) and PEPE have both posted triple-digit weekly gains, with Doge up over 100%. Other meme tokens like Bonk (BONK), Floki Inu (FLOKI), and dogwifhat (WIF) have seen 60–70% gains. However, this FOMO-driven momentum has led to increased trading volumes and open interest, sparking fears of a potential selloff.
Following Donald Trump's election victory, meme coins have surged as investors pile in. Dogecoin (DOGE) and PEPE have both posted triple-digit weekly gains, with Doge up over 100%. Other meme tokens like Bonk (BONK), Floki Inu (FLOKI), and dogwifhat (WIF) have seen 60–70% gains. However, this FOMO-driven momentum has led to increased trading volumes and open interest, sparking fears of a potential selloff.
On-chain data from Santiment warns of high social interest, a historical indicator for caution, as PEPE reached a new high with over $20 billion in daily trading volume. Economist Alex Kruger noted that exchanges are meeting demand by listing popular meme coins, driving further interest but also setting the stage for possible volatility if whales continue cashing out.
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