Crypto News: The frog-themed memecoin PEPE has been on a roller-coaster ride this year as it has shown both unpredictable highs & lows. After reaching a mammoth $2 billion market cap within a span of few days, the cryptocurrency has been on a downward trajectory lately. Things could turn even murkier, as recent data shows a tsunami of PEPE tokens being deposited in crypto exchanges which is usually considered as a bearish sign of brewing sell pressure.
Recent reports indicate that an unanticipated wave of the meme coin PEPE has hit numerous cryptocurrency exchanges within the past twenty-four hours. The data first reported by Scope Protocol notes that these trading platforms have been saturated with a stunning 33 trillion tokens of PEPE, which is valued at approximately $46.37 million.
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This flurry of deposits has resulted in a net gain of $22.94 million for the exchanges, as it originates from a staggering 1,176 unique wallet addresses and not from a single crypto whale.
The enormous influx of PEPE into exchanges may be an indication of an imminent large-scale sell-off, which may have the potential to bring about a drastic decline in the coin’s value. The value of the popular memecoin has been steadily decreasing over the past few days as it has shed nearly 30% of its value overnight, following the Coinbase controversy.
Although Coinbase later issued an apology to its millions of customers for calling the frog meme a “hate symbol”, the statement did little to help the price of the cryptocurrency. As things currently stand — in the wake of this crypto news — the price of Pepe’s native token dropped by 0.51% in the past one hour and is presently exchanging hands at $0.000001268.
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