As a seasoned analyst with a decade of experience in the cryptocurrency market, I can confidently say that the recent events surrounding Pepe meme coin have been a rollercoaster ride. The alleged sale of one trillion tokens by an unknown whale, as claimed by Jake Gagain, has certainly added fuel to the fire.
The Pepe meme cryptocurrency experienced increased selling activity as the overall crypto market declined, due to rumors that a large investor (often referred to as a “whale”) supposedly sold an enormous amount (one trillion) of coins.
According to crypto influencer Jake Gagain, it’s been reported that a large PEPE token holder, whose identity is not disclosed, sold a staggering 1 trillion tokens, valued around $8.7 million, on the Binance cryptocurrency exchange.
šØ UPDATE: A HUGE PEPE Investor Sheds Over 1 Trillion Coins onto Binance Today
A colossal PEPE investor dumped more than 1 trillion tokens onto Binance this morning, causing the price to drop approximately 2% within the day.
ā JAKE (@JakeGagain) October 28, 2024
Although we couldn’t independently confirm Gagain’s report, market data does show a drop in Pepe’s price. In fact, the meme coin inspired by Kermit the Frog plummeted approximately 4% within a day, and it has also decreased by around 14% over the course of a week.
On October 28th, the total value of Pepe’s market cap decreased to approximately $3.6 billion, but the token still held a place among the top 30 most valuable cryptocurrencies in terms of market capitalization.
The decline affected all cryptocurrencies classified as meme coins. As reported by CoinGecko, the total value of these meme coins decreased to $62.2 billion following a 14% drop over the past day. Notably, prominent meme coins such as PEPE, Shiba Inu (SHIB), dogewhizz (WIF), Bonk (BONK), and Floki (FLOKI) all experienced price drops on both their daily and weekly charts.
Even some non-meme cryptocurrencies and major coins experienced minor price declines. The overall value of the cryptocurrency market dropped by almost 1%, settling at approximately $2.4 trillion.
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2024-10-28 20:56