An Ethereum-based investor called marketparticipant.eth has done a big one, sending 325.48 billion PEPE tokens ($4.9 million) to Binance. This cash out is one of the largest recent cash outs in the PEPE meme coin market, with such a big transfer being tracked by blockchain analytics platform Onchain Lens.
The most noteworthy part is its calculated precision. Investor had put in PEPE since April 2024, buying on market dips. Between December 13, 2020, and October 26, 2021, “marketparticipant.eth” assembled their position at a an average cost of $0.000007 per token. Now PEPE is trading at $0.000015, and its exit gained the massive 214% return on investment.
PEPE Market Shows Resilience Amid Massive Whale Sell-Off
The timing appears strategic. Major meme coin holders have been securing profits across the market over the past weeks, including this whale. The major sell off has not dented the stable position of one of the biggest meme coins by market cap, PEPE. But smaller investors are nervous because the moves of whales usually suggest coming bumps in the short term market.
As interesting as all that, a relatively obscure name until this PEPE deal was “marketparticipant.eth.” Blockchain records show that before they began piling up the meme coin, they had a history of zero substantial transactions. What may suggest is that they do actually intend to liquidate via Binance, the world’s largest crypto exchange, and convert those holdings into fiat currency or stablecoins.
With such a huge sell off the PEPE market was extremely robust in that no real price shock took place immediately after the deposit. The token, however, has only experienced a minor drop, currently changing hands at $0.0000149, a 7.06% fall since the top of the week.
The crypto community is waiting to see what the crypto analyst dubbed “marketparticipant.eth” has up his sleeve, for the moment, as he exits the stage, leaving a carefully calculated playbook behind to indicate the strength and depth of patience and precision in maneuvering the meme coin market. Only time will tell if this heralds in a sweeping trend or is staying an ironic move.
