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Pepe Price Collapses as Devs Allegedly Sell Tokens En Masse

Fri, 08/25/2023 - 05:54
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Alex Dovbnya
The meme-inspired PepeCoin (PEPE) experienced a dramatic market slide today, shedding almost 20% of its value
Pepe Price Collapses as Devs Allegedly Sell Tokens En Masse
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The PepeCoin (PEPE) market took a nosedive today, shedding more than 20% of its value, according to CoinGecko data.

Tweets from several blockchain monitoring services, including Lookonchain, suggest that the developers behind PepeCoin moved 16 trillion PEPE tokens out of a multi-signature "CEX wallet."

About 8.5 trillion of these were promptly sold on the OKX exchange, contributing to PepeCoin's sudden market devaluation.

Jason Cline, a crypto analyst, detailed how funds have been distributed: $8.3 million to OKX, $6.6 million to Binance, about $440,000 to Bybit, and an additional $400,000 to an unidentified wallet.

The trading activity surrounding PepeCoin has been feverish, marked by a 24-hour trading volume of over $219 million. Early adopters of the token are also cashing out, with one investor recently selling 1.88 trillion PEPE tokens for a sum of 1,010 ETH, equivalent to $1.68 million.

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Created by an anonymous developer or group and built on the Ethereum blockchain, PEPE has no additional functionality beyond being a means of digital transaction.

Despite its meme status and high-risk factors, including the anonymity of its creators, the coin has achieved considerable trading volume and had a dramatic price rally since its April 2023 launch before the seemingly inevitable downturn.

Some early investors have reaped sizable profits, but the token has also seen an 80% decline from its all-time high just four months ago, casting a shadow over its future prospects.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.