Pepe Coin (PEPE), the frog-themed cryptocurrency, recently experienced a significant price drop. After substantial gains and 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 action has raised concerns about market stability and the potential for future sell-offs.
Even after the dip, Pepe (PEPE) remains the most sought-after meme coin. The mid-cap altcoin, with a market capitalization of about $5.795 billion, had the highest daily traded volume of about $2.624 billion in the meme coin industry. The prior spot Ethereum ETF hype triggered a notable rise in Ether-based altcoins. Approving eight spot Ethereum ETFs in the US initially boosted the market. Still, this event turned into a classic “sell-the-news” scenario, contributing to the broader crypto crash of over 4% this week, now valued at approximately $2.63 trillion.
Pepe’s Price Takes a Dip
Blockchain tracking platform Spot On Chain reported that the PEPE developer team sold the tokens valued at $355,000 through Binance and decentralized exchanges. This sale followed a 130% surge in PEPE’s price over the last month. This is not the first ever sale; the developer team has a history of selling significant amounts of PEPE, with 282.8 billion tokens worth $2.28 million sold 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 great risk to market stability, as future sales could further impact the coin’s price.
Crypto Reaction
However, the community’s reaction to these sales has been mixed. Some investors are concerned about potential future sell-offs, while others view the dip as a temporary setback in the context of PEPE’s growth trajectory.
Good time to buy the dip?
Despite the rollercoaster, meme coins continue to steal the show. With support from big names like Coinbase and Binance, Pepe boasts approximately 227k holders. As the dust settles, one thing’s clear: in 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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