Pepe Coin (PEPE), the popular frog-themed cryptocurrency, has recently faced a significant price drop. After hitting an all-time high of $0.00001718, PEPE’s price fell by 4% following the developer team’s sale of 21.49 billion tokens. This move has raised concerns about market stability and the possibility of more sell-offs in the future.
Despite the recent dip, Pepe (PEPE) remains the most popular meme coin. With a market capitalization of around $5.795 billion, it has seen the highest daily trading volume in the meme coin industry, about $2.624 billion. The recent excitement over the approval of eight spot Ethereum ETFs in the US initially boosted the market but quickly led to a “sell-the-news” scenario, causing a broader crypto crash of over 4% this week. The global crypto market now stands at roughly $2.63 trillion.
Blockchain tracking platform Spot On Chain reported that the PEPE developer team sold tokens worth $355,000 through Binance and decentralized exchanges. This sale followed a 130% surge in PEPE’s price over the past month. It’s not the first sale by the developer team; they have sold 282.8 billion tokens worth $2.28 million since late February.
Despite these sales, the developer team still holds a large amount of 2.52 trillion PEPE, valued at about $42.7 million. This large holding poses a risk to market stability, as future sales could further impact the coin’s price.
The community’s reaction to these sales has been mixed. Some investors worry about potential future sell-offs, while others see the dip as a temporary setback in PEPE’s growth. Meme coins continue to attract attention, supported by major platforms like Coinbase and Binance. Pepe has approximately 227,000 holders, reflecting its strong community backing.
As the dust settles, one thing is clear: in the world of crypto, expect the unexpected. PEPE Coin’s price was down 3.67% at the time of writing, trading at $0.00001636 after its recent highs.
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