Pepe Coin Team Moves 170B PEPE Sparking Speculations, What’s Happening?
Highlights
- A multi-sig wallet linked to Pepe Coin's team shifted 170 billion tokens recently.
- Some of the tokens transferred were thereby shifted to Binance, sparking concerns.
- PEPE price traded up by nearly 2% intraday, in-sync with the broader crypto market trend.
In an unprecedented development, the Pepe Coin team has moved a staggering 170 billion PEPE, sparking speculations among market watchers globally. Spotonchain revealed on Thursday that the team’s multi-sig wallet is making massive transfers, with some of the tokens even being dumped to a crypto exchange. In turn, the PEPE price remains much-eyed by investors as they anticipate a shift amid tokenomics change.
Pepe Coin Team Transfers 170B Tokens
According to the data by Spotonchain on X as of January 30, a multi-sig wallet linked to the Pepe Coin team transferred 170 billion PEPE, worth $2.17 million, to a new wallet address 0x1ec. Further, this wallet was recorded dumping 6 billion PEPE to the crypto exchange Binance.
Notably, these transfers have set off waves of discussions among market participants as they reflect a change in the token’s market dynamics. Moreover, in light of the significant exchange dump, investor sentiments on the coin’s future price action remain uncertain. Simultaneously, a recent report showed that a Pepe Coin whale has turned $3K into $51 million with his timely trade.
Broader Market Recovery Trend Sparks Hope
However, it’s worth considering the broader market recovery sentiment brewing post-FOMC. Despite the U.S. Fed keeping interest rates unchanged, crypto prices have shown signs of recovery on Thursday.
Intriguingly, the meme coins sector also mimicked growth in tandem with Bitcoin price. As a result, even Pepe Coin’s price was up by nearly 2% and was trading at $0.00001295. The meme coin’s intraday low and high were $0.00001196 and $0.00001328, respectively.
Further, the asset’s 24-hour trading volume also surged by 14% to $1.17 billion today. This upward trajectory has fueled hope for further gains among investors.
PEPE Price Analysis Builds Further Optimism
Simultaneously, a recent Pepe Coin price analysis by CoinGape has solidified optimism over the token’s long-term prospects. While the meme coin trades 60% below its ATH, market watchers may want to buy the token for efficient profit-booking.
Broader technicals indicate that a bullish trajectory awaits the token. The analysis revealed that the token’s MVRV is dipping into the buy zone again. Previously, when the token’s MVRV reached such zones, PEPE witnessed a 72% rally, a 71% surge, and a 51% increase. This data underscores a bullish movement ahead, with the next vital resistance at the $0.00000150 mark.
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