A massive $PEPE sell-off has caused significant price drops and increased volatility in the memecoin market.
Key Takeaways:
- Flow Traders Move 520 Billion $PEPE Tokens: After holding for five months, Flow Traders transferred $4.73 million worth of $PEPE tokens, sparking speculation on future movements.
- Whale Sell-Off on Binance: A $PEPE whale sold over 1 trillion tokens on Binance, leading to a 4% price drop in 24 hours and a 14% decline over the week.
- Memecoin Market Shrinks: The total value of the meme coin market dropped to $62.2 billion, with $PEPE maintaining a $3.6 billion market cap.
In recent developments within the memecoin market, a major $PEPE holder, Flow Traders, transferred 520 billion tokens valued at approximately $4.73 million from their address after a five-month hold. The recipient address has been actively trading $PEPE for the past seven months, and this latest transfer coincides with a price peak from two weeks ago. Although these tokens remain untouched since the transfer, the move has generated speculation about future trading activity.
Simultaneously, a separate $PEPE whale sold off over 1 trillion tokens on Binance, amounting to roughly $8.7 million. This sale led to a 4% drop in $PEPE’s price within the past 24 hours and contributed to a 14% weekly decline, amplifying market volatility.
Amid broader market fluctuations, the total value of meme coins dipped to $62.2 billion, although $PEPE remains among the top 30 cryptocurrencies with a market cap of $3.6 billion. However, the combination of whale sell-offs and wider crypto market pressures suggests that $PEPE may continue to experience heightened volatility in the days ahead.
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