Whale activity in the cryptocurrency market has intensified, with large investors offloading PEPE in favor of Hyperliquid (HYPE). On-chain data shows that significant PEPE sales have contributed to the token’s decline, while HYPE has seen increased capital inflows despite overall market weakness.
Nascent capital exits PEPE holdings
Blockchain analytics platform Lookonchain reported on February 8 that venture capital firm Nascent has completely sold off its PEPE holdings. In the last hours of Friday, the firm liquidated approximately 175 billion PEPE worth $1.5 million, marking the final exit from its position.
Nascent acquired 608.85 billion PEPE between June 6 and July 15, 2024, for $7.73 million. However, its selling strategy resulted in only modest gains. The firm started selling in November 2024 when PEPE’s price surged but failed to capitalize on peak market conditions, securing just $348,000 in profit.
Whale sell-off drives PEPE decline
Since the beginning of the year, PEPE has faced significant selling pressure from large holders. On January 27, Lookonchain identified multiple whale transactions within 48 hours, signaling a broader market shift. One whale transferred 430 billion PEPE worth $6.39 million to Binance, while another deposited 325.5 billion PEPE valued at $4.9 million.
Other notable sales included 200.88 billion PEPE for $2.85 million in USDC and a separate transaction involving 140.83 billion PEPE worth $1.98 million. These large liquidations have weighed on PEPE’s performance, pushing its price down by over 45% from its peak in 2025. Over the past month, losses have extended to 49%, with PEPE trading at $0.059133 after a 3.6% drop in the last 24 hours.
Investors shift focus to HYPE
As PEPE struggles, whales have turned their attention to HYPE. One prominent investor, identified as 0xfD7A…Ea8d deposited 3 million USDC into Hyperliquid and acquired 130,422 HYPE, valued at approximately $2.96 million. Another whale, 0x3369…ADdF purchased 186,964 HYPE for $4.24 million after depositing 6.95 million USDC.
Coingecko data indicates HYPE has a value of $22 as it trades on the market. The analysts believe that HYPE token will start an upward rally toward $32 once it breaks the $27 resistance level. A break above $25 would support the potential price increase but persistent failure to break $27 would trigger a market deterioration.