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.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Source: https://changelly.com/blog/memecoin-market-shaken-by-pepe-whale-sell-off-is-more-volatility-ahead/
