Developers Sell Large Amount of PEPE Tokens
Release: 2024/05/28 19:29 Reading: 601
Developers Sell Large Amount of PEPE Tokens
You can also read this news on COINTURK NEWS:
The developer team behind the Pepe token (PEPE) has sold a significant amount of the meme token, triggering a notable price decline today. PEPE's price has dropped by approximately 4%, halting its recent upward trend. This comes despite the cryptocurrency experiencing substantial gains in recent weeks due to investor enthusiasm and the surge in Ethereum.
Investor Confidence in PEPE
PEPE Coin has garnered considerable attention in recent weeks, with its price reaching a new all-time high. Notably, large transactions involving the cryptocurrency have drawn investor attention, reflecting increased confidence in the asset. However, the recent sale by the PEPE developer team may potentially erode market sentiment.
According to blockchain monitoring platform Spot On Chain, the team sold 21.49 billion PEPE, worth approximately $355,000, through Binance and decentralized exchanges. This sale followed a 130% price increase in PEPE last month, marking a record high for the meme token.
However, as per the Spot On Chain report, the developer team had previously sold 282.8 billion PEPE, worth $2.28 million, before the price decline. This pattern suggests that the team's actions may be closely correlated with price movements and potentially contribute to volatility.
Despite these significant sales, the PEPE developer team still holds a substantial portion of the meme token. Recent reports indicate that they possess approximately 2.52 trillion PEPE, worth $42.7 million. Concerns among some investors have been raised regarding the potential for further sales that could negatively impact the token's value.
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Liquidation by the PEPE Developer Team
While some investors remain optimistic, viewing the current decline as a temporary setback in PEPE's overall growth trajectory, others have expressed concern. The timing of the sales coinciding with price peaks has led to speculation about the developer team's intentions. Some argue that this strategy may be aimed at capitalizing on high prices, while others believe it is part of a broader plan to provide liquidity and finance ongoing development efforts.
At the time of writing, the PEPE token price has declined by 3.67%, trading at $0.00001636 after reaching an all-time high of $0.00001718 within the past 24 hours. The meme token has reached a low of $0.00001569 in the past 24 hours.
The post first appeared on COINTURK NEWS: Developers Sell Large Amount of PEPE Tokens
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