Pepe token (PEPE) developer team sold a large amount of meme tokens, causing a significant price drop today. PEPE price fell by around 4%, halting its recent upward trend. This development occurred despite the cryptocurrency achieving significant gains in recent weeks due to investor excitement and the rise in Ethereum.
Investor Confidence in PEPE
PEPE Coin gained notable attention in recent weeks as its price reached a new high. Additionally, many large transactions related to the cryptocurrency caught investors‘ attention, reflecting increased confidence in the crypto. However, the recent sale by the PEPE developer team may shake market confidence. Blockchain monitoring platform Spot On Chain reported that the team sold 21.49 billion PEPE worth $355,000 through Binance and decentralized exchanges. This sale occurred after a 130% price increase in PEPE last month, marking an all-time high for the meme token.
However, according to the Spot On Chain report, the developer team sold 282.8 billion PEPE worth $2.28 million before the price dropped. This trend suggests that the developer’s actions are closely linked to price movements and potentially contribute to volatility. Despite these significant sales, the PEPE developer team still holds a substantial portion of the meme token. Recent reports indicate they possess approximately 2.52 trillion PEPE worth $42.7 million. Some investors are concerned about the potential for future sales that could lower the token’s value.
Liquidation in the PEPE Developer Team
Other investors remain optimistic, viewing the current decline as a temporary setback in PEPE’s broader growth trajectory. The timing of the sales coinciding with price peaks has led to speculation about the developer’s intentions. Some argue that this strategy aims to capitalize on high prices, while others believe it is part of a broader plan to provide liquidity and finance ongoing development efforts.
At the time of writing, the PEPE token price fell by 3.67%, trading at $0.00001636 after reaching an all-time high of $0.00001718 in the last 24 hours. The meme token reached a low of $0.00001569 in the past 24 hours.
