PEPE holders distribute their tokens after massive profit taking for 30 days
- PEPE token holders consistently took profit on their holdings in the past 30 days, booking $330 million in gains.
- The frog themed meme coin has added nearly 15% to its value in the same timeframe.
- PEPE supply on exchanges is down nearly 3%, reducing selling pressure on the meme coin.
PEPE, the frog-themed meme coin has added 820% to its value, year to date. On-chain data from crypto intelligence tracker Santiment shows that wallets holding 1 billion and higher PEPE tokens have distributed their holdings in the past 30 days.
Santiment data shows consistent profit taking, exceeding $330 million in the same timeframe. PEPE is changing hands at $0.0000119, at the time of writing.
PEPE on-chain data suggests meme coin could extend gains
Data from Santiment shows that in the past 30 days, supply on exchanges is down nearly 3%. PEPE holders have realized over $330 million in gains between May 14 and June 15. Despite consistent profit taking, PEPE has sustained 14.46% gains in the past 30 days, on Binance.
PEPE supply on exchanges is down to 169.93 trillion as of June 15. Typically, consistent profit taking contributes to selling pressure on an asset. However, supply of PEPE on exchanges is down in the same timeframe, easing the pressure on the frog-themed asset and the meme coin has held on its gains.
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PEPE network realized profit/loss and supply on exchanges
While Solana-based meme coins have gained relevance in the ongoing market cycle, PEPE’s market capitalization exceeds $5 billion. The frog-themed asset has seen a decline in active addresses and volume in the past 30 days, while holding on to nearly 15% gains in its value in the same timeframe.
Crypto intelligence tracker Lookonchain identified a whale wallet which sold 114.7 billion PEPE tokens for $1.27 million at break even. While PEPE holders have taken over $330 million in profits in the past 30 days, a sale at break even signals that the trader likely anticipated a decline in PEPE price, and sold instead of pocketing a loss.
This $PEPE trader capitulated and sold all 114.7B $PEPE for 366.5 $ETH($1.27M) at a breakeven price.
— Lookonchain (@lookonchain) June 15, 2024
He bought 114.7B $PEPE($1.27M) at $0.000011 on May 14 and May 15.
The price of $PEPE broke through $0.000017 on May 27, at which time his profit was $670K(+50%), but he did not… pic.twitter.com/aPxuftE1yI
At the time of writing, PEPE extended gains by 5% on Saturday.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
