including<\/a> Lookonchain, suggest that the developers behind PepeCoin moved 16 trillion PEPE tokens out of a multi-signature “CEX wallet.”<\/p>\nAbout 8.5 trillion of these were promptly sold on the OKX exchange, contributing to PepeCoin’s sudden market devaluation.<\/p>\n
Jason Cline, a crypto analyst, detailed how funds have been distributed: $8.3 million to OKX, $6.6 million to Binance, about $440,000 to Bybit, and an additional $400,000 to an unidentified wallet.<\/p>\n
The trading activity surrounding PepeCoin has been feverish, marked by a 24-hour trading volume of over $219 million. Early adopters of the token are also cashing out, with one investor recently selling 1.88 trillion PEPE tokens for a sum of 1,010 ETH, equivalent to $1.68 million.<\/p>\n
Created by an anonymous developer or group and built on the Ethereum blockchain, PEPE has no additional functionality beyond being a means of digital transaction.<\/p>\n
Despite its meme status and high-risk factors, including the anonymity of its creators, the coin has achieved considerable trading volume and had a dramatic price rally since its April 2023 launch before the seemingly inevitable downturn.<\/p>\n
Some early investors have reaped sizable profits, but the token has also seen an 80% decline from its all-time high just four months ago, casting a shadow over its future prospects.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Alex Dovbnya The meme-inspired PepeCoin (PEPE) experienced a dramatic market slide today, shedding almost 20% of its value The PepeCoin (PEPE) market took a nosedive today, shedding more than 20% of its value, according to CoinGecko data. Tweets from several blockchain monitoring services, including Lookonchain, suggest that the developers behind PepeCoin moved 16 trillion PEPE […]<\/p>\n","protected":false},"author":2,"featured_media":142206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-142205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=142205"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142205\/revisions"}],"predecessor-version":[{"id":146714,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/142205\/revisions\/146714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/142206"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=142205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=142205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=142205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}