Nansen research analyst Xin Yi said that the market value of the meme token PEPE soared to US$582 million on Tuesday, and then fell sharply to US$397 million on Wednesday. The whale's selling at highs caused PEPE's market value to shrink by nearly US$200 million.
Analysts explained that many large holders entered the market early and the token price has risen significantly, so when they take profits, the price and market value tend to fluctuate significantly because people tend to pay attention to the movements of these whales.
In addition, the liquidity of PEPE is quite weak. A "whale" sold $2.2 million of PEPE, but only received $650,000 worth of ETH "due to a lot of slippage." In addition, several other whales have also sold more than $1 million of PEPE in the past 24 hours. (The Block)
