$PEPE
Pepe Coin saw a huge price drop today after the developer team sold a large amount of the meme coin. The price of PEPE fell by about 4%, halting its recent upward trajectory. In other words, this development comes even though the currency has enjoyed significant gains over the past few weeks, driven by investor enthusiasm and a significant rise in Ethereum coins.
Pepe coin price where the development team sells 21B PEPE
PEPE has gained notable traction over the past few weeks, with its price recently hitting a new high. In addition, several large cryptocurrency transactions have also caught the attention of investors, reflecting investors' growing confidence towards cryptocurrencies.
However, the recent sale by the PEPE developer team seems to have shaken the market confidence. Blockchain tracking platform Spot On Chain reported that the team sold 21.49 billion PEPE, worth $355,000, via Binance and decentralized exchanges (DEXs). It is worth noting that this sale came after a 130% rise in the price of PEPE over the past month, which represents a new all-time high for the meme coin. Meanwhile, Spot On Chain highlighted the selling pattern followed by the developer and indicated that the development team Pepe has often been selling since the price started rising in “late February”. According to the report, the development team sold 282.8 billion PEPE, worth $2.28 million, before the price drop.