The post Whales Are Dumping Pepe As Smart Money Investors Buy This New Meme Coin Instead appeared on BitcoinEthereumNews.com.

Whales appear to be offloading their Pepe holdings, data from Lookonchain reveals.  For instance, a whale who purchased nearly $3.13 million worth of PEPE during the crypto crash earlier this month sold all his coins, at a profit of just $30k.    A whale who bought 420B $PEPE($3.13M) at the bottom of the market crash dumped it 30 minutes ago!The whale spent 3.13M $USDT to buy 420B $PEPE on Aug 5 and Aug 12, then sold it all for 3.16M $USDC just 30 minutes ago, making a profit of only $30K.Address:… pic.twitter.com/ysFCDjHVOm — Lookonchain (@lookonchain) August 14, 2024   Meanwhile, another whale sold a substantial portion of his PEPE holdings at a loss of over $2 million, Lookonchain reveals. The sell-offs could indicate a bigger crypto crash could be imminent.  On the other hand, smart money investors appear to be buying new meme coins such as Pepe Unchained.  Why Are Whales Selling Pepe? The Pepe price declined over 12% yesterday from its weekly high, largely owing to the aforementioned sell-offs. While the meme coin has since made a recovery, this trend could be concerning to the bulls.  In particular, the whale selling a substantial portion of its PEPE holdings at a $2 million loss indicates that smart money investors could be concerned about a larger crash in the coming days.  Indeed, several factors could be a cause for concern for these whales. For instance, geopolitical tensions in the Middle East remain extremely high as Israel gears up for a retaliatory strike from Iran.    BREAKING:Iran issued a warning to airlines to avoid its airspace tonight. pic.twitter.com/eQftNOR08C — Globe Eye News (@GlobeEyeNews) August 14, 2024   Additionally, smart money investors could be concerned about a broad-based decline in global financial markets. Notably, billionaire Warren Buffet has also been selling his stocks…

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Filed under: News - @ August 16, 2024 10:22 am