Pepe Coin Experiences Sell-the-Hype Trend! Price Declines as Developers Sell Billions
Pepe Coin (PEPE), the beloved cryptocurrency featuring a frog motif, has experienced a significant decline in price recently. After reaching an all-time high of $0.00001718, the value of PEPE dropped by 4% due to the developer team’s sale of a whopping 21.49 billion tokens. This move has raised concerns about the stability of the market and the potential for further sell-offs in the future.
Despite this recent setback, PEPE remains the most popular meme coin in existence. With a market capitalization of approximately $5.795 billion, it boasts the highest daily trading volume among meme coins, amounting to around $2.624 billion. Initially, the approval of eight Ethereum exchange-traded funds (ETFs) in the United States generated excitement in the market, but it quickly devolved into a “sell-the-news” scenario, resulting in a broader crypto crash of over 4% this week. As it stands, the global crypto market is valued at roughly $2.63 trillion.
The recent sales by the PEPE developer team have stirred concerns within the market. According to Spot On Chain, a blockchain tracking platform, the team sold tokens worth $355,000 through Binance and decentralized exchanges. This sale occurred following a 130% surge in PEPE’s price over the past month. It is worth noting that this is not the first sale conducted by the developer team; since late February, they have sold 282.8 billion tokens valued at $2.28 million.
As of 13 hours ago, @pepecoineth sold 21.49 billion PEPE tokens for $355,000 via Binance and decentralized exchanges after the price soared 134% in the past 30 days, reaching a new all-time high. Since the price began to rise in late February, the PEPE dev team has sold 282.8 billion PEPE tokens at an average price of approximately $0.000008067, amounting to $2.28 million. It is worth noting that these sales often occurred before the price experienced a drop.
Despite these sales, the developer team still possesses a significant amount of PEPE tokens, totaling 2.52 trillion, which is valued at approximately $42.7 million. This substantial holding poses a risk to market stability, as any future sales could further impact the price of the coin.
The community’s response to these sales has been mixed. Some investors are concerned about potential future sell-offs, while others view the dip in price as a temporary setback in the growth of PEPE. Meme coins continue to attract attention, with support from major platforms like Coinbase and Binance. PEPE currently boasts approximately 227,000 holders, a testament to its strong community support.
As the dust settles, one thing is clear: in the realm of cryptocurrency, expect the unexpected. At the time of writing, PEPE Coin’s price has dropped by 3.67% and is trading at $0.00001636 following its recent highs.
What lies ahead for the meme coin industry? Share your thoughts on the future of meme coins!
Also, be sure to check out the massive bull run expected for meme coins like PEPE, FLOKI, and BONK.
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