In an unprecedented turn of events, against the backdrop of a meme coin market slump witnessed today, Pepe coin took a bearish stage with a considerable pullback in its price. Slipping nearly 5% in the past 24 hours, the frog-themed meme coin has stirred speculations among investors over a ‘topping out’ sentiment for its price trajectory.

This sentiment primarily stems from a staggering 1.2 trillion PEPE being offloaded to Binance, one of the leading CEXs, today, May 7. Here’s a closer look at the colossal transfer that ignited a flurry of bearish thoughts on Pepe Coin’s future movements.

Multisig Wallet Shifts Pepe Coin To Binance

According to reports from various on-chain transaction tracking platforms, a multisig wallet, typically associated with whales or institutions, was responsible for the deposit of 1.238 trillion PEPE, equivalent to $10.56 million, to Binance. While the coin’s price trajectory waned, this colossal PEPE dump has additionally sparked bearish market sentiments, with investors speculating that PEPE’s price might have topped.

However, market data illustrates that PEPE’s net outflow from exchanges also spiked in the past 24 hours, stirring contrasting sentiments. PEPE’s net outflow from Binance totaled $11.32 million in the past 24 hours, whereas $1.72 million was the net outflow recorded via OKX, undermining the inflows recorded. This paints a contrasting picture of Pepe’s market stand.

It’s worth mentioning that CoinGape Media’s reports illustrate massive PEPE accumulations over the past few days, tipping the balance more on the optimistic side for the token in the long run. Nonetheless, with the colossal selloff, further accompanied by the frog-themed meme token’s waining price trajectory, the short-term portrait seems turbulent for PEPE.

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PEPE Price Tumbles

As of writing, Pepe Coin’s price noted a fall of 4.60% in the past 24 hours and is currently trading at $0.000008187. The frog-themed token’s market cap plunged 4.58%, whereas its 24-hour trading volume rocketed 38.77%.

Simultaneously, Coinglass data illustrated that the token’s open interest slipped by 10.74%, whereas the derivatives volume rocketed by 22.10%. This collectively underscores a market’s mixed sentiment for the PEPE token.

Nonetheless, PEPE’s price may witness volatility in the short term, primarily aligning with the turbulent realm of cryptos and the abovementioned market data. Still, a potential post-BTC halving is yet to kick in following this year’s Bitcoin halving event, which is expected to bring about a price rally in the altcoins, as historical data suggests.

Also Read: Bitcoin Miner Marathon Digital (MARA) Market Cap Soars $800M with 18% Stock Jump

The post Pepe Coin: Whale Dumps 1 Tln PEPE Amid 5% Price Drop, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am