{"id":57785,"date":"2023-08-25T08:49:52","date_gmt":"2023-08-25T12:49:52","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=57785"},"modified":"2023-08-25T08:49:55","modified_gmt":"2023-08-25T12:49:55","slug":"pepe-coin-plunges-by-20-can-bears-keep-the-selling-pressure","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/pepe-coin-plunges-by-20-can-bears-keep-the-selling-pressure\/","title":{"rendered":"Pepe Coin Plunges by 20%: Can Bears Keep the Selling Pressure?"},"content":{"rendered":"\n

Pepe Coin (PEPE)<\/a> has seen a huge decline in its price after large amounts of tokens were transferred to various exchanges. However, the coin still attracts many retail investors who hope for a recovery.<\/p>\n\n\n\n

\"Pepe<\/figure>\n\n\n\n

Pepe Coin, a cryptocurrency that features the popular Pepe the Frog meme as its logo, has experienced a severe price drop of more than 20% <\/strong>today. <\/p>\n\n\n\n

The coin, launched in April 2021 as a joke, has been affected by a series of large token transfers that have shaken the market.<\/p>\n\n\n\n

According to PeckShield,\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> a blockchain security firm, the PEPE GnosisSafeProxy, an address that holds a huge amount of PEPE tokens, moved 16 trillion PEPE tokens (worth about $16.85 million)<\/strong> to several centralized exchanges (CEXs), such as Kucoin,<\/a> Bybit, <\/a>OKX,<\/a> and Binance. <\/a><\/p>\n\n\n\n

\n

#PeckShieldAlert<\/use><\/svg><\/span><\/a> #Pepe<\/use><\/svg><\/span><\/a> Deployer transferred a total of 26.7T $PEPE<\/use><\/svg><\/span><\/a> to 0x5BdE\u2026e9BA (#PEPE<\/use><\/svg><\/span><\/a> GnosisSafeProxy) ~4 months ago #PEPE<\/use><\/svg><\/span><\/a> GnosisSafeProxy has transferred 16T $PEPE<\/use><\/svg><\/span><\/a> (~$16.85M) to #CEXs<\/use><\/svg><\/span><\/a>, including #Kucoin<\/use><\/svg><\/span><\/a>, #Bybit<\/use><\/svg><\/span><\/a>, #OKX<\/use><\/svg><\/span><\/a> and #Binance<\/use><\/svg><\/span><\/a> ~7 hours ago$PEPE<\/use><\/svg><\/span><\/a> has dropped -20% pic.twitter.com\/mEsDijRI1j<\/use><\/svg><\/span><\/a><\/p>— PeckShieldAlert (@PeckShieldAlert) August 25, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

This transfer indicates a major change in the ownership distribution of the coin, as some of the original holders may be looking to cash out.<\/p>\n\n\n\n

The PEPE GnosisSafeProxy received 26.7 trillion PEPE tokens<\/strong> (worth about $26.7 million<\/strong>) from the Pepe Deployer, the address that created and distributed the coin, four months ago. <\/p>\n\n\n\n

However, the impact of this transaction only became evident today as the PEPE GnosisSafeProxy started to sell its tokens on the market.<\/p>\n\n\n\n

More Tokens Flood the Market<\/h3>\n\n\n\n

The PEPE GnosisSafeProxy was not the only source of selling pressure for Pepe Coin today. <\/p>\n\n\n\n

According to LookOnChain<\/use><\/svg><\/span><\/a>, a blockchain analytics platform, the Pepe multisig wallet, which works with Wintermute Trading<\/use><\/svg><\/span><\/a>, a crypto market maker, deposited 17.3 trillion PEPE tokens (worth about $18 million) <\/strong>on various exchanges. <\/p>\n\n\n\n

This influx of tokens into the market has contributed to the price instability of the coin.<\/p>\n\n\n\n

Moreover, an early PEPE buyer also decided to dump a large amount of tokens today. The buyer exchanged 1.88 trillion PEPE <\/strong>tokens for 1,010 ETH (worth about $1.68 million)<\/strong> on a decentralized exchange (DEX). <\/p>\n\n\n\n

This individual action also affected the market performance of the coin.<\/p>\n\n\n\n

\"\"
Source<\/em> | TradingView<\/use><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

As a result of these massive sell-offs, Pepe Coin\u2019s price plummeted significantly today. The coin is trading at $0.000000875<\/strong> at the time of writing, with a market capitalization of $343.06 million.<\/strong><\/p>\n\n\n\n

Pepe Coin Still Has Loyal Fans<\/h3>\n\n\n\n

Despite the price drop, Pepe Coin still has a loyal fan base that continues to support and buy the coin. <\/p>\n\n\n\n

According to Etherscan,<\/use><\/svg><\/span><\/a> a blockchain explorer, Pepe Coin has nearly 140,000 holders,<\/strong> and this number is steadily growing. <\/p>\n\n\n\n

This shows that many retail investors are still interested in the coin, even without major price increases.<\/p>\n\n\n\n

As Pepe Coin\u2019s value continues to dip, investors may have more opportunities to accumulate the coin at lower prices. <\/p>\n\n\n\n

The current market conditions may encourage more dip buyers to enter the market, potentially stabilizing the coin\u2019s value in the near future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pepe Coin (PEPE) has seen a huge decline in its price after large amounts of tokens were transferred to various exchanges. However, the coin still attracts many retail investors who hope for a recovery. Pepe Coin, a cryptocurrency that features the popular Pepe the Frog meme as its logo, has experienced a severe price drop […]<\/p>\n","protected":false},"author":44,"featured_media":57788,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[501,650,2275],"class_list":["post-57785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-dip","tag-memecoin","tag-pepe"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/Pepe-Coin-.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=57785"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/57788"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=57785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=57785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=57785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}