PEPE Whale Dumps Assets Amid Recent Price Surge, What's Next?
- PHPzOriginal
- 2024-09-20 06:02:28550browse
A digital asset whale has sold his holdings in three assets raking in profit. On-chain data shows the trader has sold $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit.
A crypto whale has sold his entire Pepe coin, FLOKI, and Worldcoin holdings.
On-chain data shows the trader has sold $3.2 million in PEPE, FLOKI, and WLD making a $200,000 profit. The whale raked in $110,000 from Pepe coin holdings while netting $45,000 and $44,000 from FLOKI and WLD respectively.
Crypto analysts note that the trader suffered some losses at some point due to price swings after Bitcoin traded below $55K. The drop in Bitcoin price sparked a decline in altcoins and meme coins as the broader market faced a slight correction.
However, following the Federal Reserve’s decision to slash policy rates by 50 BPS on September 18, prices of crypto assets surged leading to traders looking to cash out some profits.
Generally, whale movements signal a bearish trend in the market due to their large holdings which smaller traders tend to follow. In recent times, the market has seen several moves by traders to reposition assets amid price swings. This week, an Ethereum whale dumped $38 million in ETH sparking negative pressure.
What’s Next For The Assets?
The crypto market is rallying on the back of the Fed’s decision to cut interest rates. Several traditional investors anticipated growth in the market after the September rate cuts as funds will flow to risky assets. At press time, the total market cap is up 6% with the market capitalization hitting $2.1 trillion.
In the last 24 hours, PEPE has surged 13% with other meme coins posting gains. FLOKI price is up 10% in the same time frame while Worldcoin moved up 8%. Most commentators expect further gains in the price of crypto assets as macro factors turn positive.
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