Pepecoin (PEPE) Witnesses a 4% Decline in Price Following 21.49 Billion Token Sale by Developer Team
Pepe Coin, a cryptocurrency with a frog theme, recently experienced a significant decrease in its price. After seeing substantial gains and reaching an all-time high of $0.00001718, the price of PEPE dropped by 4% following the sale of 21.49 billion tokens by the developer team. This has raised concerns about the stability of the market and the possibility of future sell-offs.
Despite the dip, Pepe (PEPE) remains the most popular meme coin. This mid-cap altcoin has a market capitalization of approximately $5.795 billion and had the highest daily trading volume of about $2.624 billion among meme coins. The recent hype surrounding the Ethereum ETF also contributed to the rise of altcoins based on Ether. Initially, the approval of eight Ethereum ETFs in the US boosted the market. However, this event turned into a classic “sell-the-news” situation, leading to a broader crypto crash of over 4% this week, with the market now valued at around $2.63 trillion.
According to the blockchain tracking platform Spot On Chain, the PEPE developer team sold tokens worth $355,000 through Binance and decentralized exchanges. This sale followed a 130% increase in PEPE’s price over the past month. This is not the first time the developer team has sold a significant amount of PEPE, as they have previously sold 282.8 billion tokens worth $2.28 million since late February.
Despite these sales, the developer team still holds a substantial amount of 2.52 trillion PEPE, valued at approximately $42.7 million. This large holding poses a significant risk to the stability of the market, as future sales could further impact the price of the coin.
The reaction from the crypto community to these sales has been mixed. Some investors are concerned about potential future sell-offs, while others see the dip as a temporary setback in the overall growth of PEPE.
Even with the market fluctuations, meme coins continue to attract attention. With support from major platforms like Coinbase and Binance, Pepe has approximately 227k holders. As things settle down, it is clear that in the crypto world, unexpected events are to be expected. At the time of writing, PEPE Coin’s price had dropped by 3.67%, trading at $0.00001636 after its recent highs.
The question remains: will the meme coin industry continue to thrive? Share your thoughts on the future of meme coins!