On November 12th, address “0x2f3,” a long-term holder<\/strong> of PEPE, transferred their entire remaining portfolio to Coinbase, signaling an imminent sale. This wallet, which controlled up to $46 million worth of PEPE<\/a><\/strong> at its peak, has thus crystallized a massive loss of approximately 92%<\/strong>. This decision is not an isolated case and fits into a broader trend of disengagement from large portfolios<\/strong>.<\/p>\n\n\n\n Open Interest (OI) on PEPE has plummeted from nearly one billion dollars<\/strong> to just $194 million<\/strong> in 2025, indicating a sharp decrease in leverage and speculative bets. This massive liquidation<\/strong> has triggered intense debate: Is this a healthy correction or a sign of market maturity? On one hand, the exit of whales can be interpreted as a purge of over-leveraged positions<\/strong>, a necessary step to cleanse the market<\/strong>.<\/p>\n\n\n\n On the other hand, it highlights PEPE’s fundamental weakness: its lack of intrinsic utility. Unlike other projects, PEPE’s value rests almost exclusively on market sentiment and community enthusiasm. Without new catalysts, the price remains at the mercy of whale movements<\/strong>.<\/p>\n\n\n\n