#Whale dumps $8.86 million worth of PEPE#

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Overview

Recently, a whale withdrew 549 billion PEPE tokens worth $8.86 million from Kraken exchange, drawing market attention. This whale previously profited $4.92 million from PEPE scalping and deposited 561.8 billion tokens into the exchange yesterday. It is currently unclear whether the whale will sell all the tokens or buy them back, but if the latter, it will gain nearly 10%, about $1 million. Nevertheless, the whale still holds PEPE worth $9.68 million, and its next move remains to be observed.

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Analysis

Recently, a "smart money" whale has made a profit of $4.92 million through PEPE band operations over the past six months, and two hours ago withdrew 549 billion PEPE worth $8.86 million from the Kraken exchange. Notably, the whale had deposited 561.8 billion tokens into the exchange yesterday, and it is unclear whether it has sold all of the withdrawn tokens or bought back some. If the whale bought back some of the tokens, it would have made a profit of about $1 million, as it sold at $0.0000178 and bought back at $0.00001613, earning nearly 10% profit. Currently, the whale still holds $9.68 million worth of PEPE, and its wallet address is https://intel.arkm.com/explorer/address/0xBE2586F976f5899FCfc2CF6F3B9969aF18faCCc3.

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Classic Views

A whale may have dumped PEPE for profit-taking, as the address has made $4.92 million in profits through PEPE scalping in the past six months.

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The whale may be simply doing a short-term operation, as the address only deposited 561.8 billion PEPE into the exchange one day before the dump, and still holds $9.68 million worth of PEPE.

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The whale's dumping of PEPE may be related to the rise of ETH price, as the address dumped PEPE when ETH price rose, possibly buying the bottom of ETH.

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The whale's dumping of PEPE may have some impact on the PEPE price, but the address still holds a large amount of PEPE, so the impact may be limited.

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