In a historical turn, the Pepe coin entered a negative phase with a significant price decline against the current meme currency market collapse. The frog-themed meme coin’s value has fallen by around 5% in the past day, sparking worries among investors. Some fear it may be reaching its peak.
This sentiment is mainly because today, May 7, a whopping 1.2 trillion PEPE was offloaded to Binance, one of the top CEXs. Here’s a deeper look at the massive transfer that sparked a wave of pessimistic ideas about Pepe Coin’s future direction.
Binance Takes Over Pepe Coin Through Multisig Wallet
Notably, reports from media show significant PEPE accumulations over the last few days, which further supports the token’s long-term prospects. However, given the massive selloff and the declining price trajectory of the meme token with a frog motif, PEPE’s short-term outlook appears unstable.
PEPE Cost Drops
Pepe Coin’s price fell by 4.60% over the previous day, now trading at $0.000008187. The frog-themed token’s market capitalization fell by 4.58%, while its 24-hour trading volume surged by 38.77%.
However, PEPE’s price could fluctuate shortly, primarily due to the unpredictability of the cryptocurrency space and the market above statistics. However, as historical data implies, a potential post-BTC halving has yet to occur after this year’s Bitcoin halving event, which is anticipated to cause a price increase in the altcoins.
