- The developer behind the memecoin PEPE had sold around 16 trillion tokens.
- The trading volume of PEPE has experienced a surge of 285.27%.
Pepe (PEPE), the frog-themed memecoin, has experienced a massive downtrend, resulting in a decline of around 20% in the last 24 hours. Adding to that, the developer behind Pepe memecoin has moved over 16 trillion PEPE tokens, worth $15.6 million.
PEPE DEVS DUMPING
In the past few hours, @pepecoineth devs have sold over 16T #PEPE tokens, worth over $15.6M.
They still hold around 2.5% of the total supply, so keep an eye on their wallet.
Their wallet address
0x5BdEA820293689B77FA8e83b1E3D58B27B5ce9BA pic.twitter.com/ptVqPvBEq9— Global Rashid (@globalrashid007) August 25, 2023
On August 25, a crypto influencer tweeted that the developer behind the memecoin PEPE had sold around 16 trillion tokens. The transactions are worth around $15.6 million. However, the account still holds 2.5% of the total supply. So the crypto community is closely watching the wallet and its impact on the memecoin price.
Pepe Experiencing Strong Downtrend
Following that, Lookonchain, the crypto transaction analyzer, reported some notable transactions of the memecoin Pepe. A few hours ago, an early buyer of the memecoin Pepe dumped 1.88 trillion tokens for 1,010 Ethereum (ETH) worth $1.68 million on the Decentralized Exchange (DEX).
After that, Pepe’s multi-sig wallet and Wintermute Trading deposited over 17.3 trillion worth of around $18 million to the crypto exchanges. Following the Pepe team’s deposit, another early buyer of Pepe also dumped 932 billion Pepe for 524 Ethereum, worth around $870K. The trading activity surrounding the memecoin Pepe has started reflecting on its price. On the other hand, the trading volume of memecoin has shown a massive increase after continued transactions.
At the time of writing, Pepe is trading at $0.0000008979, with a decline of over 16.77% in the last 24 hours. However, the daily trading volume of PEPE has experienced a surge of 285.27%, according to CoinMarketCap. Moreover, memecoin has become the second trending cryptocurrency on the CoinMarketCap list.