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PEPE, the most talked-about memecoin of recent times, has already had an incredibly volatile ride this year, experiencing both unpredictable ups and downs.
After reaching a massive market capitalization of $2 billion in a matter of days, the cryptocurrency has been on a downward trajectory lately. Things could get even more complicated as the latest data shows the impact of PEPE tokens deposited on crypto exchanges, which can often be taken as a sign of increased selling pressure.
33 Trillion PEPE Sent to Exchanges
Recent reports indicate that the wave created by the unexpected debut of memecoin PEPE has kept numerous cryptocurrency exchanges busy over the past twenty-four hours. Initially, data from Periscope Protocol indicated that 46.37 trillion PEPE tokens worth approximately $33 million had entered these trading platforms.
Since it came not from a single crypto whale but from a staggering 1,176 unique wallet addresses, this inflow of deposits resulted in a net gain of $22.94 million for the exchanges.
PEPE’s massive inflow to exchanges could be an indication that an imminent large-scale sale of the cryptocurrency could be coming, which could have the potential to create a serious drop in its value. The value of the popular memecoin has been steadily declining over the past few days as it lost nearly 30% of its value overnight following a controversy with Coinbase.
Although Coinbase later apologized to its millions of customers for calling the frog-themed memecoin a symbol of hate, the statement did little to help the cryptocurrency’s price. As of now, following this crypto news, the price of Pepe’s native token has fallen 0.51% in the last hour and is currently trading at $0.000001268.
The Latest on Bitcoin
The price of Bitcoin has been experiencing a noticeable decline in recent months, just before the bank failures began. This was reflected first on Bitcoin and then on altcoins, sparking a noticeable crypto rally.
Each bank failure brought Bitcoin closer to being mentioned alongside gold and silver. After the bullish wave, the SEC’s successive decisions and pressure on exchanges started a decline from the year’s high of $31,000. In addition, the Fed’s interest rate decisions and its approach to the economy also had an impact on the decline in cryptocurrencies.
On this day, the Bitcoin price continues to be traded at $ 26,450 as of the time of writing. The 2 false reports announced by Arkham company within 1 month drew attention as two major factors that caused the price drop.
