PEPE Coin Developers Selling Huge? PEPE Price Tanks by 20%

PEPE Coin, the deflationary memecoin launched earlier this year, has recently witnessed strong network activity and reportedly, the developer team is selling in huge quantities.

As per the recent data from Etherscan, the PEPE team’s wallet moved approximately 16 trillion PEPE tokens (equivalent to about $15.08 million) to four cryptocurrency exchanges (CEXs). As a consequence, the PEPE token’s price experienced a decline of 15%.

Furthermore, the PEPE multi-signature wallet underwent a change from a 5/8 configuration to only 2/8. Around 6.9% of the PEPE tokens (29 trillion) from the team’s wallet, totaling 18.3 trillion, were transferred to CEXs.

There’s still no clarity behind the recent developments, however, investors remain worried about another rug-pull kind of event here. A rug pull refers to a deceptive scheme in which the developer of a cryptocurrency or NFT project promotes the venture to attract investment, but then abruptly shuts down or vanishes, thereby absconding with the investors’ assets.

Some analysts like @ethx_o think that this might not be the case of a rug pull. As per @ethx_o: “The only holders of more than 2.5% of $PEPE are OKX and Binance, and of the top six holders, five are exchanges. Also, circulating supply = maximum supply. So there’s a minimal risk for traditional “rug” here. The token belongs to the community”.

PEPE Price Tanks 20%

The development has resulted in a sharp fall in the PEPE Coin price which is currently down by 20% and trading at $0.0000008749. $PEPE has been experiencing a downward trend, following a bearish pattern for several months. It appears likely to test its previous lows around $0.0000008 in June. Consequently, short-term forecasts suggest a negative outlook.

However, the underlying fundamentals continue to look good. According to Etherscan, the token’s holder count is steadily approaching an impressive 140,000, steadily increasing despite the lack of significant price increases.

It seems that retail investors continue to show in acquiring the coin. As $PEPE’s value drops further, more investors looking to buy the dip could enter the market.