Recently, a substantial transfer of 2.6 trillion PEPE tokens from a major cryptocurrency exchange has caught the attention of investors and analysts alike.
According to Whale Alert, 2,635,658,884,119 PEPE worth $21,108,992 were transferred from the KuCoin crypto exchange to an unknown wallet.
The reason for the move might not be farfetched, as crypto exchange KuCoin saw significant crypto withdrawals over the past 24 hours, and assets under management (AUM) fell 20% as the trading platform faced charges from U.S. regulators.
As reported, the exchange experienced $938 million in outflows through Ethereum Virtual Machine-compatible (EVM) chains, and that on the Ethereum network reached $840 million, according to Nansen. Pepe is a meme coin on Ethereum based on the Pepe the Frog internet meme.
Cryptocurrencies based on the Ethereum blockchain, such as Shiba Inu and PEPE, have seen substantial moves in the last 24 hours. Two trillion SHIB worth $62,232,000 were transferred from KuCoin to an unknown wallet in a similar move.
PEPE price dips 5%
At the time of writing, PEPE was down 5% in the last 24 hours to $0.000007757. The recent declines follow those seen on the cryptocurrency and financial markets, as investors weighed the latest data and remarks from Federal Reserve officials when assessing the economy's outlook.
This comes amid uncertainty over when and how often the Fed may lower interest rates this year, amid repeated statements from central bank officials that their decision-making would be influenced by the state of the economy. Some policymakers have also stated that there may be fewer than the three rate cuts expected this year.
The crypto market also seems to be reacting in part to the latest KuCoin and Coinbase news.
PEPE has largely consolidated since reaching a recent all-time high of $0.00001074. Prices initially dipped to $0.0000058 on March 19 before rebounding to highs of $0.0000087, where it met resistance.
PEPE is currently down 28% from its recent all-time high of $0.00001074, attained on March 14, 2024.