PEPE most recently saw its token price take a huge dip. The matter came to light after three of its founding members went on a spree to withdraw 60% of the tokens from the network. It remains to be seen if they went rogue or if it was planned as a part of the departure; however, the PEPE Coin team – or the remaining founding members – have assured the community that they will now work to take the project forward as the token begins recovering the trading value.
No matter the intention of the members, reports have started claiming that those who left were nothing but bad actors, shedding light on the aspect that they actually went rogue instead of resolving the dispute that had been brewing up for months. The remaining founding members have confirmed this, also informing that the network is now left with 10 trillion tokens.
That brings the withdrawal token amount to 16 trillion, forming roughly 60% of the total pool. As for financials, the number of tokens is said to carry an estimated value of $15 million. These have been withdrawn to various exchange platforms, including, but not limited to, Binance, OKX, and Bybit.
Needless to say, many members noticed the slip in the value of the tokens. They then went on a rant to exit the holding, fearing that the value was less likely to bounce back. PEPE went as low as $0.00000082 before making a recovery to $0.00000087 at the time of articulating this piece. It is not known at the moment how many members or what percentage of the community withdrew their holdings.
Another reaction to the incident has seen Whales make a larger entry into the ecosystem. Many of them have leveraged the opportunity to accumulate as many tokens as possible. One of the whale investors has spent $529,000 just to have 640 billion tokens in their name. According to the PEPE coin price prediction, the coin price might record a consolidation this year due to recent updates.
Buying a dip is largely a common phenomenon in the trading market. Investors, to do so, carry a lot of funds and the intention of retaining their holdings for the long run. The one who bought 640 billion tokens has been doing so since May 2023. The current situation has only helped them accelerate the expansion of their portfolio.
Moving forward, the PEPE Coin team has said that they are working to make the token more decentralized. They will look to buy a new domain for what is left and then either donate the tokens or burn them to help benefit those who have been affected by the recent incident.
The event was first reported by PEPE on August 24, 2023, acknowledging the incident as a series of unexpected transactions.
Most of the members have come out to support the community, highlighting that they are still bullish about their holdings.
Source: https://www.cryptonewsz.com/pepe-coin-team-addresses-the-recent-massive-withdrawal/