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- The creator of the memecoin PEPE sold approximately 16 trillion tokens.
- The trading volume for PEPE has seen an increase of 285.27%.
Pepe (PEPE), the frog-inspired memecoin, has undergone a significant downturn, leading to a drop of about 20% in the past 24 hours. Furthermore, the developer behind the Pepe memecoin has transferred over 16 trillion PEPE tokens, valued at $15.6 million.
PEPE DEVS DUMPING
In recent hours, @pepecoineth developers have offloaded over 16T #PEPE tokens, totaling more than $15.6M.
They still retain about 2.5% of the overall supply, so monitor their wallet closely.
Their wallet address
0x5BdEA820293689B77FA8e83b1E3D58B27B5ce9BA pic.twitter.com/ptVqPvBEq9— Global Rashid (@globalrashid007) August 25, 2023
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On August 25, a cryptocurrency influencer tweeted that the developer of the memecoin PEPE had liquidated around 16 trillion tokens, with transactions amounting to approximately $15.6 million. Nevertheless, the account still possesses 2.5% of the total supply. Consequently, the cryptocurrency community is closely monitoring the wallet and its potential influence on the memecoin’s price.
Pepe Facing Significant Downtrend
Subsequently, Lookonchain, a crypto transaction analysis platform, reported several significant transactions involving the memecoin Pepe. A few hours prior, an early investor in the memecoin Pepe sold 1.88 trillion tokens for 1,010 Ethereum (ETH), which is valued at $1.68 million on the Decentralized Exchange (DEX).
Following this, Pepe’s multi-sig wallet and Wintermute Trading transferred over 17.3 trillion, valued at around $18 million, to various cryptocurrency exchanges. After the Pepe team’s deposit, another early investor also sold 932 billion Pepe for 524 Ethereum, amounting to around $870K. The trading activity surrounding Pepe has begun to impact its price. Conversely, the trading volume of the memecoin has reported a significant rise due to ongoing transactions.
At the time of this writing, Pepe is trading at $0.0000008979, reflecting a decrease of over 16.77% in the last 24 hours. However, the daily trading volume of PEPE has surged by 285.27%, according to CoinMarketCap. Additionally, the memecoin has risen to become the second most trending cryptocurrency on the CoinMarketCap list.
