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Pepe Coin Whale Dump Sparks 5% Price Drop

Pepe Coin Whale Dump Sparks 5% Price Drop

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.

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Binance Takes Over Pepe Coin Through Multisig Wallet 

Reports from various on-chain tracking sites show 1.238 trillion PEPE, equivalent to $10.56 million, transferred to Binance via a multi-sig wallet. Typically, such wallets are associated with whales or institutions. This substantial PEPE dump has sparked negative market sentiment, leading investors to speculate about PEPE’s peak. Despite declining price trajectory.

Market data, however, shows that PEPE’s net outflow from exchanges increased over the previous day, igniting conflicting opinions. In the last 24 hours, PEPE’s net outflow from Binance was $11.32 million, while the net outflow via OKX was $1.72 million, undermining the recorded inflows. This presents a different image of Pepe’s market stand.

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%. 

According to Coinglass data, derivatives volume surged by 22.10%, but the token’s open interest dropped by 10.74%. This suggests fluctuating sentiments towards the PEPE token.

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. 

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