Pepe meme coin confronted promoting strain because the broader crypto market dipped, with stories of a whale allegedly promoting one trillion cash.
Crypto influencer Jake Gagain claimed that an unknown Pepe (PEPE) whale offloaded one trillion tokens, price roughly $8.7 million, on crypto change Binance.
🚨 BREAKING: PEPE WHALE DUMPS 1 TRILLION TOKENS ON BINANCE
An enormous $PEPE whale offloaded over 1 trillion tokens to Binance earlier right this moment. Value dipped roughly 2% intraday. pic.twitter.com/c6hpLywg8v
— JAKE (@JakeGagain) October 28, 2024
Whereas crypto.information was unable to independently confirm Gagain’s report, market information actually confirms a downward motion in Pepe’s value. The Kermit the Frog-inspired meme coin slumped over 4% in 24 hours, including to a 14% decline on the weekly timeframe.
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Pepe’s market cap retraced to $3.6 billion as of Oct. 28, although the token remained inside the prime 30 cryptocurrencies by market valuation.
24-hour PEPE value chart – Oct. 28 | Supply: crypto.information
The drawdown encompassed crypto’s complete meme coin ecosystem. In keeping with CoinGecko, the meme class was right down to $62.2 billion in whole after a 14% drop previously day. Meme coin leaders like PEPE, Shiba Inu (SHIB), dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) all dropped in value throughout each each day and weekly charts.
None-meme altcoin and crypto majors additionally suffered modest value regressions. The entire cryptocurrency market cap was down almost 1% and hovered round $2.4 trillion.
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