PEPE Whales Selling at Huge Losses as Meme Coins Continue Bleeding

PEPE coin whales have seen better days as the cryptocurrency loses another 9% in the past 24 hours. Some of the larger investors are calling it quits and are selling at a considerable loss.

• Data from the popular on-chain analytics resource Lookonchain revealed that at least two whales are realizing considerable losses.
• One of them is an address ending at 0x4614, which sold a total of 375.8 billion PEPE at a loss of $142,000 (worth some 76 ETH) today.
• Another whale sold around 257 billion PEPE (worth $306K) at a loss of about $35,000.

Whales/SmartMoneys are selling $PEPE.

A whale deposited 649B $PEPE($761K) 1 hr ago.

0x4614 who made 1,182 $ETH($2.2M) on $PEPE sold 375.8B $PEPE($306K) at a loss of 76 $ETH($142K) 1 hr ago.

0x6544 who made $352K on $PEPE sold 257.9B $PEPE($306K) at a loss of $35K 4 hrs ago. pic.twitter.com/w8crgva6S0

— Lookonchain (@lookonchain) June 5, 2023

• The broader market for meme coins continues bleeding out.
• Data from CoinMarketCap shows that almost all of the larger meme coins are trading at considerable losses.
• For the past seven days, DOGE is down 2.5%, SHIB – 4.2%, PEPE – 20%, FLOKI – 7.83%, BONE – 13.3%, ELON – 4.2%, and so forth.