The price of PEPE surged to a new all-time high of $0.000017 during the fourth week of May, driven by the approval of spot Ethereum ETFs and Bitcoin’s approach to $70,000. This bullish momentum underscored a major bull market for PEPE, but the pace of its recovery has slowed today.
Declining trade volumes suggest a potential cooling period as large holders, or whales, begin to take profits.
13 hours ago, @pepecoineth sold 21.49B $PEPE ($355K) via #Binance and #DEX after the price soared 134% (30D) to a new ATH!
Since the price rose in late Feb, the PEPE dev team has sold 282.8B $PEPE at ~$0.000008067 ($2.28M), often before the price dropped 👇
Current holding:… pic.twitter.com/NKm4k0YvnL
— Spot On Chain (@spotonchain) May 28, 2024
In recent developments, the PEPE development team sold 21.49 billion PEPE tokens, valued at $355,000, through Binance and decentralized exchanges (DEX) at an average price of $0.00001651.
Since the price surge in late February, the team has sold a total of 282.8 billion PEPE tokens via Binance and DEX, at an average price of $0.000008067, netting approximately $2.28 million. These sales often preceded price drops, indicating strategic timing by the team.
PEPE Team’s Wallet Currently Holds 2.52 Trillion PEPE Tokens
Currently, the PEPE team’s wallet holds a substantial 2.52 trillion PEPE tokens, worth around $41.7 million. Despite the impressive 134% increase in PEPE’s price over the past 30 days, it has declined by 6% today, reflecting the market’s reaction to profit-taking activities.
The rapid rise and subsequent slowdown of PEPE highlight the volatile nature of the cryptocurrency market, particularly for meme coins. While the recent surge brought significant gains for early investors, the current market behavior suggests a period of consolidation as traders and whales reevaluate their positions.
The PEPE community and investors will be closely watching for future developments and potential price movements.
As always, investors should exercise caution and stay informed about market trends and the activities of key stakeholders in the ecosystem.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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