Pepe Coin (PEPE) experienced a 75% increase in value within the last 24 hours following its listings on Coinbase and Robinhood. However, on-chain data indicates potential selling by whales, suggesting that meme coins may face selling pressure. Notably, a significant PEPE whale sold approximately 500 billion PEPE, realizing around 45 million dollars in profit.
Major Sell-Offs Initiated
Whales who invested early in PEPE have begun to take profits. Recently, one whale sold 500 billion PEPE for 11.8 million dollars, marking a substantial gain. This investor accumulated around 2.01 trillion PEPE tokens between May 5 and September 10 last year, spending 1,170 ETH (around 2.12 million dollars) in the process.
Despite this sale, the whale still holds 1.48 trillion PEPE. This situation indicates that the whale has achieved a 20-fold return on their initial investment, totaling approximately 45 million dollars in profit.
PEPE Price Hits Record High
PEPE reached a record high, climbing 75% in value after listings on Coinbase, Robinhood, and Upbit. The market capitalization of PEPE surpassed 10 billion dollars, with daily trading volume increasing by 200% to over 20 billion dollars.
Following Donald Trump’s victory in the recent U.S. Presidential Election, the meme coin market gained overall momentum. Leading meme coins like Dogecoin 
$0.400064 (DOGE) and PEPE provided weekly gains exceeding 100%. Additionally, other meme coins such as dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) also saw increases between 60-70%.
According to Santiment, meme coin activity remains at elevated levels. There is a noticeable increase in greed and FOMO. Discussions about meme coins on social media platforms have also surged, suggesting an impending selling pressure.
Economist Alex Kruger summarized the market direction by stating, “Excluding Bitcoin 
$89,311, the crypto market is currently largely focused on meme coins. Exchanges are reacting to this demand.”
Potential Opportunities and Risks for Traders
Not only PEPE, but also PNUT has surged by 200%, pushing its weekly gains above 1600%. Dogecoin (DOGE) is trading at $0.392, while WIF is priced at $4.18.
This highly fluctuating meme coin market presents both opportunities and risks for traders. Major whale sell-offs and increasing social media interest heighten market volatility. Investors should closely monitor market trends and whale activities.
In conclusion, the rise of PEPE and other meme coins reflects the changing dynamics of the crypto market, emphasizing the importance of caution and trend monitoring for investors.
