The PEPE Token Experiences Sharp Price Decline as Millions Worth of Tokens Flow to Exchanges
The PEPE token, a popular meme coin, faced a significant drop in price after a large number of tokens were transferred to prominent crypto exchanges like Binance, Bybit, and OKX. Here are the key points:
- Around 16 trillion PEPE tokens were transferred from the PEPE multisig wallet to addresses associated with OKX, Bybit, and Binance.
- A user raised concerns about changes to the Pepe multisig wallet, noting that the threshold for signatures had been lowered to 2/8 from the initial requirement of ⅝ signatures.
- The massive flow of tokens caused Fear, Uncertainty, and Doubt (FUD) among users, resulting in a 15% drop in the token’s value within minutes.
- Some users reassured others that the risk of a rug pull was minimal, as the majority of PEPE token holders were exchanges and the circulating supply equaled the maximum supply.
- The PEPE token’s price has declined from $0.0000012 to around $0.0000008 in the past 24 hours.
Positive Outlook for PEPE Token
Despite the recent price drop and concerns about the multisig wallet changes, the PEPE token’s fundamental indicators remain strong:
- The token has experienced significant growth in the number of token holders, currently closing in on 140,000.
- This growth suggests increasing adoption of PEPE as a crypto asset, which is promising for its future.
New PEPE Memecoin on BNB Chain
The PEPE team recently launched a new PEPE memecoin on the BNB chain, following the success of a similar token on Ethereum. Key details include:
- The PEPE token on Ethereum reached a market capitalization of over $1 billion in May.
- The PEPE BNB token has unique mechanisms programmed into its tokenomics.
- The team plans to launch multiple projects, with 13 launches scheduled for 2023.
Hot Take:
The recent decline in the PEPE token’s price may be a temporary setback caused by the large transfer of tokens to exchanges. However, the token’s growing number of holders and its expansion to the BNB chain indicate a positive future for PEPE as a meme coin. The community’s support and the team’s plans for future projects contribute to the overall optimism surrounding PEPE.
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