Pepe meme coin experienced a significant drop in price recently due to reports of a massive whale selling off a substantial amount of tokens on Binance. Crypto influencer Jake Gagain shared the news of the whale dumping over one trillion tokens, valued at around $8.7 million, which led to a 2% intraday price dip for Pepe.
Although the accuracy of Gagain’s report could not be independently verified, market data reflected a clear downward trend in Pepe’s price. The meme coin, inspired by Kermit the Frog, saw a 4% decrease in value over a 24-hour period, contributing to a 14% decline over the course of the week. This decline brought Pepe’s market capitalization down to $3.6 billion as of October 28, while still maintaining its position among the top 30 cryptocurrencies by market valuation.
The impact of the whale dumping was felt across the entire meme coin sector, with the overall market cap of meme coins dropping to $62.2 billion following a 14% decrease in a single day. Notable meme coins like Shiba Inu, dogwifhat, Bonk, and Floki all experienced price drops on both daily and weekly charts, reflecting the broader downward trend in the meme coin ecosystem.
In addition to meme coins, non-meme altcoins and major cryptocurrencies also saw slight price regressions during this time. The total cryptocurrency market cap experienced a nearly 1% decrease, hovering around $2.4 trillion as investors navigated through the market fluctuations.
The sudden selling pressure on Pepe and other meme coins underscores the volatility and speculative nature of the cryptocurrency market. Investors should remain cautious and stay informed about market developments to make informed decisions regarding their crypto investments. As the market continues to evolve, monitoring price movements and whale activities can provide valuable insights for traders and enthusiasts alike.