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Falling PEPE prices raise concerns: market stability at risk
Pepe Coin (PEPE), the popular frog-themed cryptocurrency, has recently experienced a significant price drop. After reaching an all-time high of $0.00001718, The price of PEPE decreased by 4% following the developer team’s sale of 21.49 billion tokens. This move raised concerns about market stability and the possibility of further sell-offs in the future.
Despite the recent decline, Pepe (PEPE) remains the most popular meme coin. With a market capitalization of approximately $5.795 billion, it recorded the highest daily trading volume in the meme coin sector, approximately $2.624 billion. Recent excitement over the approval of eight Ethereum spot ETFs in the US initially boosted the market, but quickly led to a “sell-the-news” scenario, causing a broader crypto plunge of more than 4 % this week. The global cryptocurrency market now stands at approximately $2.63 trillion.
Developer sales raise concerns in the market
Blockchain tracking platform Spot On Chain reported that the PEPE developer team sold $355,000 worth of tokens via Binance and decentralized exchanges. This sale followed a 130% increase in the price of PEPE over the past month. It’s not the first sale by the developer team; since the end of February they have sold 282.8 billion tokens worth $2.28 million.
Despite these sales, the developer team still holds a large amount of 2.52 trillion PEPE, worth approximately $42.7 million. This large participation poses a risk to market stability, as future sales could further impact the coin’s price.
Community reaction to these sales has been mixed. Some investors fear potential future sell-offs, while others see the decline as a temporary setback in PEPE’s growth. Meme coins continue to attract attention, supported by major platforms such as Coinbase and Binance. Pepe has approximately 227,000 holders, reflecting its strong community support.
What is the real future of meme coins?
As the dust settles, one thing is clear: in the world of cryptocurrencies, expect the unexpected. At the time of writing, PEPE Coin price was down 3.67% to $0.00001636 after its recent highs.
Is the meme coin industry here to stay? Share your thoughts on the future of meme coins!
Also check: PEPE, FLOKI, BONK meme coins reveal a huge bull run ahead