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Whale discards 1 trillion PEPE amid 5% price drop, what’s next?
In an unprecedented turn of events, against the backdrop of the meme coin market crash witnessed today, the Pepe coin has entered a bearish stage with a considerable pullback in its price. Dropping nearly 5% in the last 24 hours, the frog-themed meme coin has sparked speculation among investors about a “topping out” sentiment regarding its price trajectory.
This sentiment mainly stems from an impressive 1.2 trillion PEPE being transferred to Binance, one of the leading CEXstoday, May 7th. Here’s a closer look at the colossal transfer that sparked a flood of pessimistic thoughts about Pepe Coin’s future moves.
Multisig Wallet transfers Pepe Coin to Binance
According to reports from several on-chain transaction tracking platforms, a multisig wallet, typically associated with whales or institutions, was responsible for depositing 1.238 trillion PEPE, equivalent to US$10.56 million, on Binance. Although the currency’s price trajectory has declined, this colossal dump of PEPE has also generated bearish sentiments in the market, with investors speculating that the price of PEPE may have risen.
However, market data illustrates that PEPE’s net outflow from exchanges has also increased in the last 24 hours, triggering contrasting sentiments. PEPE’s net outflow from Binance totaled $11.32 million in the last 24 hours, while $1.72 million was the net outflow recorded via OKX, hurting the recorded inflows. This paints a contrasting picture of Pepe’s position in the market.
It’s worth mentioning that CoinGape Media’s reports illustrate huge PEPE accumulations in recent days, tipping the scales more towards the bullish side for the token in the long term. However, with the colossal sell-off, further accompanied by the downward price trajectory of the frog-themed meme token, the short-term picture looks turbulent for PEPE.
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PEPE price falls
At the time of writing, Pepe Coin Price has seen a drop of 4.60% in the last 24 hours and is currently trading at $0.000008187. The frog-themed token’s market capitalization plummeted 4.58%, while its 24-hour trading volume soared 38.77%.
Simultaneously, Coinglass data illustrated that the token’s open interest fell by 10.74%, while derivatives volume soared by 22.10%. This collectively highlights the market’s mixed sentiment towards the PEPE Token.
However, PEPE price may witness volatility in the short term, mainly aligning with the turbulent realm of cryptocurrencies and the aforementioned market data. Still, a possible post-BTC halving has not yet occurred following this year’s Bitcoin halving event, which is expected to trigger a recovery in altcoin prices, as historical data suggests.