PEPE Coin’s Price On The Cusp Of Massive Drop, Here’s Why

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.

33 Trillion PEPE Sent To Exchanges

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.

Read More: Binance CEO CZ Hints At Ethereum Price Rally Over This Key Factor

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.

In the past 24 hours, a large amount of $PEPE has been deposited into exchanges:

33T $PEPE worth $46.37M, with a net deposit of $22.94M from 1,176 addresses.

Beware of MEME coin drop risks pic.twitter.com/443wqMCTTJ

— 0xScope (🪬 . 🪬) (@ScopeProtocol) May 12, 2023

PEPE Coin Price Action

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.

Also Read: Can Coinbase Drag US SEC To Provide Clear Crypto Rules After This?

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.