Today, Pepe Coin’s price dropped significantly due to the meme coin’s developer team selling much of it. The price of PEPE stopped rising and declined by about 4%. Stated differently, this development occurs even though the coin has seen significant gains over the previous few weeks, driven by investor fervor and the spike in Ethereum coins.
Prices of Pepe Coin Drop When Developer Team Sells 21B Pepe
The PEPE Coin has grown in popularity significantly in recent weeks, and its price just hit a record high. Additionally, several substantial cryptocurrency transactions have drawn the attention of investors, demonstrating their rising confidence in the market.
But it appears that the PEPE developer team’s recent sale has dented market trust. Spot On Chain, a blockchain tracking website, said that the group sold 21.49 billion PEPE through Binance and decentralised exchanges (DEXs) for a total value of $355,000. PEPE’s price had increased by 130% in the previous month, setting a new record high for the meme coin, followed by this transaction.
Spot On Chain, meanwhile, drew attention to the developers’ selling habits, pointing out that since Pepe’s price began to climb in “late February,” the development team has frequently sold the cryptocurrency. Before the price plummeted, the developer team sold 282.8 billion PEPE, or $2.28 million.
Notably, this pattern implies that the developer’s decisions are strongly correlated with changes in pricing, which may increase volatility. Nevertheless, despite these sizable sales, the PEPE development team keeps a sizeable portion of the meme currency despite this.According to the most recent reports, they currently possess 2.52 trillion PEPE, or around $42.7 million. This sizable holding still threatens the stability of the market because additional sales could raise or lower the price.
Community Responses and Prospective Consequences
The developer sales have elicited differing responses from the community. Some investors worry about the possibility of additional sell-offs, which could lower the coin’s value. Some, however, are still upbeat, seeing the present decline as a brief setback relative to PEPE’s overall development trajectory.
Additionally, the time of the sales, which coincided with price peaks, has caused conjecture about the developer’s intentions. Some contend that this tactic might be used to profit from high prices. Still, others think it might be a component of a larger scheme to guarantee liquidity and finance continuing development initiatives.
Pepe Coin’s recent performance has garnered much interest in the cryptocurrency community, as its sharp price swings demonstrate its potential and volatility. Investors will keenly monitor the developer team’s actions and general market trends as the coin develops.
As of this writing, the price of PEPE Coin had dropped 3.67% to $0.00001636 after reaching an all-time high of $0.00001718 the previous day. The meme coin has fallen as low as $0.00001569 in the past day.
