Rug Pull Alert: Pepe Coin Price Dumps Over 20% Amidst Large Exchange Inflows

Amidst a series of significant transactions, Pepe coin (PEPE) has witnessed a sharp drop of more than 20% in its value today. Despite the setback, the token’s holder count is steadily climbing, reflecting sustained interest from retail investors. Today, Pepe coin price is trading at $0.000000875, at the time of writing and holds a global market cap of $343.06 million.

Pepe Coin Faces Severe Dumps In One Day

Approximately four months ago, the Pepe Deployer moved a substantial sum of 26.7 trillion PEPE tokens to an address marked as the PEPE GnosisSafeProxy. However, the implications of this transaction only became apparent in recent hours.

Today, just a few hours ago, the PEPE GnosisSafeProxy executed another transfer, this time moving 16 trillion PEPE tokens (equivalent to approximately $16.85 million) to various Centralized Exchanges (CEXs), PeckSheild reported. Notable recipients included Kucoin, Bybit, OKX, and Binance. This move underscores a significant shift in the token’s ownership distribution.

Interestingly, the token market performance did not hold steady in the wake of these developments. Its value plummeted significantly, indicating a turbulent period for Pepe coin holders.

Providing further insights into these transactions, the Pepe multisig wallet, in collaboration with Wintermute Trading, deposited a total of 17.3 trillion PEPE tokens today, onto several exchanges, LookOnChain reported. They were valued at $18 million. This injection of tokens into the market has contributed to the ongoing price instability.

In a separate incident today, an early $PEPE buyer offloaded a substantial 1.88 trillion PEPE tokens in exchange for 1,010 ETH, amounting to approximately $1.68 million, on a Decentralized Exchange (DEX). This individual action within the decentralized ecosystem has also influenced the token’s overall market performance.

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Pepe Coin Holders Continue To Hold Faith

Despite these fluctuations, PEPE’s popularity remains evident. Etherscan data indicates that the token is steadily approaching an impressive milestone of 140,000 holders. This remarkable growth in the number of holders has persisted over recent months, suggesting continued interest even without significant price surges.

As the value of $PEPE continues to experience dips, there seems to be a growing appetite among retail investors to accumulate the coin. The current market conditions might prompt further engagement from dip buyers, potentially stabilizing the token’s value shortly.

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