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25 June 2024
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Pepe Coin Price Slips As Dev Team Sells 22B PEPE, What’s Next?



Pepe Coin experienced a significant price drop today after its developer team sold a large quantity of the meme coin. The PEPE price fell by around 4%, halting its recent upward trajectory. In other words, this development comes despite the coin enjoying substantial gains over the past few weeks, fueled by investor enthusiasm and the surge in the Ethereum coins.

Pepe Coin Price Slips As Developer Team Sells 21B PEPE

The PEPE Coin has gained notable traction over the past few weeks, with its price touching a new high recently. In addition, several large transactions of the crypto have also caught the eyes of the investors, reflecting the growing confidence of the investors towards the crypto.

However, the recent sale by the PEPE developer team seems to have shaken market confidence. Blockchain tracking platform Spot On Chain reported that the team sold 21.49 billion PEPE, valued at $355,000, via Binance and decentralized exchanges (DEXs). Notably, this sale followed a 130% surge in PEPE’s price over the last month, marking a new all-time high for the meme coin.

Meanwhile, Spot On Chain highlighted the developer’s pattern of selling and noted that the developer team has often sold Pepe since the price started soaring in “late February“. As per the reportthe developer team sold 282.8 billion PEPE, worth $2.28 million, before the price dropped.

Pepe Coin Developer Team Holdings
Source: Spot On Chain, X

Notably, this trend suggests that the developer’s actions are closely tied to price movements, potentially contributing to the volatility. However, despite these significant sales, the PEPE developer team retains a substantial amount of the meme coin

As of the latest reports, they hold 2.52 trillion PEPE, valued at approximately $42.7 million. This large holding continues to pose a risk to market stability, as future sales could further impact the price.

Also Read: XRP Whale Offloads 28M Coins Despite Optimism For $1 Run Ahead, What’s Happening?

Community Reactions and Future Implications

The community’s reaction to the developer sales has been mixed. Some investors are concerned about the potential for future sell-offs, which could depress the coin’s value. Others remain optimistic, viewing the current dip as a temporary setback in the broader context of PEPE’s growth trajectory.

Besides, the timing of the sales, coinciding with price peaks, has led to speculation about the developer’s intentions. While some argue that this strategy might be aimed at capitalizing on high prices, others believe it could be part of a broader plan to ensure liquidity and fund ongoing development efforts.

Notably, Pepe Coin’s recent performance has attracted considerable attention in the cryptocurrency world, with its dramatic price movements highlighting both its potential and volatility. As the coin continues to evolve, investors will be closely watching the developer team’s actions and broader market trends.

Meanwhile, as of writing, PEPE Coin price was down 3.67% and exchanged hands at $0.00001636, after touching its all-time high of $0.00001718 in the last 24 hours. Over the last 24 hours, the meme coin has touched a low of $0.00001569.

Also Read: Spot Ethereum ETF S-1 Approval Potential Date Revealed, Here’s Everything

The post Pepe Coin Price Slips As Dev Team Sells 22B PEPE, What’s Next? appeared first on CoinGape.

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