A PEPE whale has offloaded over 723 billion tokens, converting them to the DeFi stablecoin DAI, signaling a lack of confidence in the asset.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
A large PEPE transaction is raising questions in the crypto community. A whale recently traded hundreds of billions of PEPE tokens for millions in DAI, a stablecoin. This whale transaction has triggered a discussion in the ecosystem about what this means for the meme coin’s future.
In a recent development, an anonymous crypto whale sold 723.67 billion PEPE tokens through Binance, amounting to 4.63 million DAI, according to data from Lookonchain.
The transaction happened around 09:29 UTC and was confirmed with an image showing the details. When the sale was initiated, the price of PEPE was pegged around $0.000006398 per token.
A whale just sold 723.67B $PEPE for 4.63M $DAI!https://t.co/OfjJsiqeqs pic.twitter.com/vCqfkKZFvp
— Lookonchain (@lookonchain) April 9, 2025
It is worth noting that this is another time a large holder has moved a significant amount of PEPE this year. Last month, a whale withdrew 500 billion PEPE, valued at over $4.3 million, from Binance.
Although this sale may seem minor compared to PEPE’s total circulating supply, it could still impact market sentiment. This move can affect retail investor participation as accompanying price swings generally tumble their portfolios.
Unfortunately, this can develop negative market sentiment towards the project by smaller holders, leading to further price drops. PEPE, a meme coin that relies heavily on community interest and social media trends rather than utility, is particularly sensitive to such moves.
Speaking on the incident, An X user, duckd1ve, expressed concern over the remaining liquidity and urged the developers to take action before the situation worsens.
Plenty of liquidity left but for how long. Devs do something…lol
— 🌊 (@duckd1ve) April 9, 2025
Following the selloff, CoinMarketCap data pegs the price of PEPE at $0.0000006310, down by 0.78% in 24 hours.
Since the PEPE transaction, there has been speculation that the whale may plan to invest in another alternative cryptocurrency using the 4.63 million DAI. Some users mentioned TAXI as a possible next stop for the funds. If true, this could draw even more attention away from PEPE, putting additional pressure on the price.
PEPE is facing resistance around $0.0000075. A breakout above this level could potentially spark a 40% rally. However, despite this bullish outlook, the latest developments have caused concern.
The top meme coin has gained popularity over the past few years; however, community sentiment has helped sustain its growth. Despite the current selloff, the token has bounced back from dips in the past.
Since reaching the top 100 in 2023, it has not dropped below this level. Amid the current outlook, the next few days will show whether the community can rally behind the token to reignite its growth once again.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.