Memecoins

Pepe Coin Price Plummets Following Dev Team’s Sale of 22B PEPE Tokens – What’s in Store for Investors?

Pepe Coin faced a significant price drop today following a large sell-off by its developer team. The PEPE price declined by approximately 4%, halting its recent upward trend, despite the coin’s recent gains driven by investor excitement and the rise in Ethereum coins.

Pepe Coin Price Slips as Developer Team Sells 21B PEPE
The PEPE Coin has made significant strides in the past few weeks, reaching a new high. Large transactions of the crypto have also attracted investor attention, indicating growing confidence in the coin.

However, market confidence was shaken by the recent sale of 21.49 billion PEPE by the PEPE developer team. This sale, valued at $355,000, was executed through Binance and decentralized exchanges (DEXs). It followed a 130% surge in PEPE’s price over the past month, marking an all-time high for the meme coin.

Spot On Chain noted the developer’s selling pattern, with the team selling 282.8 billion PEPE, worth $2.28 million, before the price drop. Despite these sales, the developer team still holds a significant amount of the meme coin, amounting to 2.52 trillion PEPE valued at approximately $42.7 million.

The community’s response to the developer sales has been mixed, with some investors concerned about potential sell-offs depressing the coin’s value. Others view the current dip as a temporary setback amidst PEPE’s growth trajectory. The timing of the sales coinciding with price peaks has sparked speculation about the developer’s intentions, whether it’s to capitalize on high prices or ensure liquidity for ongoing development efforts.

Despite the volatility, Pepe Coin’s recent performance has garnered attention in the cryptocurrency world. Investors are closely monitoring the developer team’s actions and broader market trends. As of writing, the PEPE Coin price was down 3.67%, trading at $0.00001636 after hitting an all-time high of $0.00001718 in the last 24 hours. The coin also reached a low of $0.00001569 in the same period.

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