The price of Pepe Coin (PEPE) surged 75% in the 24 hours following its listing on Coinbase and Robinhood. However, on-chain data suggests whales may have taken profits, leading to a sell-off of the meme coin. One Pepe Coin whale dumped nearly 500 billion coins while pocketing nearly $45 million in profits.

Pepe Coin whales dump holdings in large quantities

Early PEPE investors and whales have begun to take profits. According to Lookonchain on November 14, a PEPE whale sold 500 billion PEPE tokens worth $11.8 million. Smart investors accumulated 2.01 trillion PEPE tokens between May 5 and September 10 last year, when the initial outlay was 1,170 ETH, worth $2.12 million.

However, despite the current deposit at Coinbase, the whale still holds 1.48 trillion PEPE, worth $33.2 million. This means that the whale has received a 20x return on its original investment, with an estimated total profit of $45 million.

After listing on Coinbase, Robinhood, and Upbit, PEPE prices soared to a record high, with a single-day increase of 75%. As PEPE's market value exceeded $10 billion, the recent daily trading volume also soared 200% to more than $20 billion.

According to Coinglass, PEPE open interest surged 63% to $316 million, and 24-hour liquidations soared to $48 million.

Is Meme Coin about to be sold off?

The entire meme coin industry performed extremely well after Donald Trump's victory in the US presidential election last week. Top meme coins Dogecoin (DOGE) and Pepe Coin (PEPE) rose by more than 100% in a week. Meanwhile, dogwifhat (WIF), Bonk (BONK), and Floki Inu (FLOKI) rose by 60-70% respectively amid the meme coin craze.

However, according to Santiment on-chain data, the enthusiasm for memecoins has reached an all-time high, and greed and fear of missing out are quickly catching up. In addition, social discussions around memecoins have also heated up significantly, indicating that future selling should be cautious.

Commenting on the current craze in the meme space, renowned economist Alex Kruger said:

"Besides Bitcoin, cryptocurrencies are now mostly memecoins. That's what people want. Full stop. Exchanges are providing it to them. That's what Binance listing PNUT and ACT and Coinbase listing PEPE and WIF tells you."

In addition to Pepe Coin, PNUT also saw a sharp increase of 200% in price, with a weekly increase of more than 1600%. Meanwhile, DOGE was at $0.392 and WIF was at $4.18, continuing to rise on the back of bullish sentiment.