Pepe Crypto Crash: Whale Loses $3.13 Million as 330 Billion Deposited on Kraken

IconCryptoNewsTerminal Staff30 Aug, 2024

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Pepe Crypto Crash: Whale Loses $3.13 Million as 330 Billion Deposited on Kraken

In a startling development, an anonymous whale has reportedly deposited 330 billion PEPE tokens into Kraken, resulting in an estimated loss of $3.13 million. According to blockchain analytics firm Lookonchain, the whale previously held 1 trillion PEPE, worth approximately $7.57 million. The sudden transfer of such a large amount of PEPE has raised eyebrows, with experts speculating about the possible reasons behind the whale's actions. Some suggest it could be a panic sell-off due to the recent market downturn, while others believe it may be a strategic move to manipulate the price of PEPE. The incident highlights the volatility and risks associated with cryptocurrency investments. Even large holders can incur significant losses if the market takes an unexpected turn. It also serves as a reminder for investors to exercise caution and conduct thorough research before making any investment decisions. ```

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