Following recent listings on Coinbase and Robinhood, Pepe Coin (PEPE) surged by 75%, capturing significant investor interest. However, major sales by whales suggest a potential correction in the meme coin market, bringing attention to the volatility and increasing volume of this asset class.
PEPE Whale Sells, Sparking Market Reactions
In the past 24 hours, PEPE has become one of the most discussed assets in the crypto world. After listing on major exchanges like Coinbase and Robinhood, PEPE saw a dramatic 75% increase. However, on-chain data indicates that whales may be taking profits. On November 14, Lookonchain reported that a large PEPE whale sold approximately 500 billion tokens, earning $11.8 million. This investor initially amassed 2.01 trillion PEPE tokens last year for about 1,170 ETH (worth roughly $2.12 million at the time).
Despite recent sales, the whale still holds 1.48 trillion PEPE, with a market value exceeding $33.2 million. This translates to a 20x profit, yielding a total gain of $45 million since the initial investment.
Exchange Listings Propel PEPE to New Heights
The rally in PEPE’s value comes on the heels of high-profile listings on Coinbase, Robinhood, and Upbit, which pushed the coin’s market cap over $10 billion and increased daily trading volume by 200%, reaching $20 billion. The recent meme coin frenzy, especially after Donald Trump’s U.S. presidential win, has also driven gains in other popular meme coins like Dogecoin (DOGE) and Pepe Coin (PEPE), both surging over 100% in a week. Meanwhile, meme coins such as WIF, Bonk (BONK), and Floki Inu (FLOKI) have gained between 60% and 70%.
The Risks of FOMO in the Meme Coin Market
With this rapid rise, the fear of missing out (FOMO) could create a risky environment for investors. Santiment‘s on-chain data reveals that social media interest in meme coins is at an all-time high, indicating the potential for a market correction. Noted economist Alex Kruger commented on this trend, saying, “Crypto is heavily focused on meme coins right now. The interest is there, and exchanges are supporting it. Binance’s listings of PNUT and ACT, along with Coinbase’s listings of PEPE and WIF, reflect this trend.”
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