Story Highlights
Pepe Coin (PEPE) price was discontinued by 4% afterward the planner crew sold many tokens, lifting concerns about the future establishment.
Despite the drop, PEPE remains a favorite trend coin accompanying high business books and a big society.
The impact of future builder reductions and the overall future of cultural item repeatedly transmitted coins remain doubtful.
Pepe Coin (PEPE), the popular frog-themed cryptocurrency, has recently experienced a significant price drop. After reaching an all-time high of $0.00001718, PEPE's price dropped 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, approximately $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.
Developer Sales Stir Market Concerns
The 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.
13 hours ago, @pepecoineth sold 21.49B $PEPE ($355K) via #Binance and #DEX after the price soared 134% (30D) to a new ATH!
— Spot On Chain (@spotonchain) May 28, 2024
Since the price rose in late Feb, the PEPE dev team has sold 282.8B $PEPE at ~$0.000008067 ($2.28M), often before the price dropped 👇
Current holding:… pic.twitter.com/NKm4k0YvnL
The development team still has a sizable holding of 2.52 trillion PEPE, or roughly $42.7 million, in spite of these sales. The market stability is at stake due to this substantial holding since further sales may have an adverse effect on the coin's price.
Community Reactions: Mixed Feelings
There has been a mixed response from the community to these sales. While some investors saw the decline as a brief hiccup in PEPE's expansion, others are concerned about possible future sell-offs. Major platforms including as Coinbase and Binance continue to promote meme coins, which continue to garner attention. With almost 227,000 holders, Pepe demonstrates the great support of the community.
What Is the True Future of Meme Coins?
Unpredictability is a given in the world of cryptocurrency, as evidenced by the settling dust. As of this writing, PEPE Coin's price had dropped 3.67% from its previous highs, trading at $0.00001636.
Is the market for meme coins here to stay? What do you think will happen to meme coins in the future?
Is the market for meme coins here to stay? What do you think will happen to meme coins in the future?
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