Pepe down 4% amid reports of whale dumping on Binance
Release: 2024/10/29 01:44 Reading: 348
Pepe meme coin experienced selling pressure amidst a broader crypto market decline. Reports emerged of a whale selling one trillion coins.
Crypto influencer Jake Gagain tweeted that an unidentified Pepe (PEPE) whale offloaded 1 trillion tokens, valued at approximately $8.7 million, on the Binance crypto exchange.
While the report could not be independently verified, market data confirmed a downward trend in Pepe's price. The Kermit the Frog-inspired meme coin dipped over 4% in 24 hours, contributing to a 14% decline over the past week.
Pepe's market capitalization retraced to $3.6 billion as of October 28, but it remained among the top 30 cryptocurrencies by market valuation.
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The sell-off extended to the wider meme coin ecosystem. Data from CoinGecko indicated a 14% drop in the meme category, bringing its total market cap to $62.2 billion. Leading meme coins such as PEPE, Shiba Inu (SHIB), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) experienced declines in both daily and weekly charts.
Non-meme altcoins and major cryptocurrencies also faced moderate price setbacks. The overall cryptocurrency market capitalization fell nearly 1% and stood around $2.4 trillion.
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