- PEPE, a cryptocurrency that made significant gains in April, is now experiencing a sharp decline.
- Over 17 trillion PEPE were moved to exchanges, triggering a selling wave.
- Early investors are largely responsible for the sell-off, with one selling 923 billion PEPE for 524 ETH, equivalent to $870,000.
In the world of cryptocurrency, PEPE, which had a meteoric rise in April, is now seeing a steep fall. This decline was triggered by a massive movement of over 17 trillion PEPE to exchanges. The sell-off is largely attributed to early investors, with one notable transaction involving the sale of 923 billion PEPE for 524 ETH, which is approximately $870,000.
Early Investors Trigger Sell-Off
As the clock neared midnight, a staggering 17.3 trillion PEPE were transferred to three separate exchanges. By 4 AM, 1.88 trillion PEPE had been sold on a DEX for 1010 ETH. The entity behind this massive sale was identified as an early investor.
Significant Sale by Early PEPE Investor
According to data from the on-chain tracking platform Lookonchain, another early PEPE investor made a significant sale. This investor sold 923 billion PEPE for 524 ETH, which equates to $870,000. This sale further fueled the sell-off and contributed to the decline in PEPE’s value.
PEPE’s Sharp Decline
As a result of these sales, the price of PEPE fell to $0.00000086. This represents a drop of 22%. Currently, the meme token is 80% off its peak price, indicating a significant reversal from its April highs.
Conclusion
In conclusion, the cryptocurrency market is highly volatile, with PEPE’s recent decline serving as a prime example. Early investors played a significant role in this downturn, with large sales contributing to a selling wave. As the market continues to fluctuate, it remains to be seen how PEPE and other cryptocurrencies will perform in the future.
