Crypto News: The frog-themed memecoin PEPE has been on a roller-coaster experience this 12 months because it has proven each unpredictable highs & lows. After reaching a mammoth $2 billion market cap inside a span of few days, the cryptocurrency has been on a downward trajectory these days. Things may flip even murkier, as current information exhibits a tsunami of PEPE tokens being deposited in crypto exchanges which is normally thought of as a bearish signal of brewing promote strain.
33 Trillion PEPE Sent To Exchanges
Recent experiences point out that an unanticipated wave of the meme coin PEPE has hit quite a few cryptocurrency exchanges inside the previous twenty-four hours. The information first reported by Scope Protocol notes that these buying and selling platforms have been saturated with a surprising 33 trillion tokens of PEPE, which is valued at roughly $46.37 million.
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This flurry of deposits has resulted in a internet acquire of $22.94 million for the exchanges, because it originates from a staggering 1,176 distinctive wallet addresses and never from a single crypto whale.
In the previous 24 hours, a considerable amount of $PEPE has been deposited into exchanges:
33T $PEPE price $46.37M, with a internet deposit of $22.94M from 1,176 addresses.
Beware of MEME coin drop dangers pic.twitter.com/443wqMCTTJ
— 0xScope (???? . ????) (@ScopeProtocol) May 12, 2023
PEPE Coin Price Action
The monumental inflow of PEPE into exchanges could also be a sign of an imminent large-scale sell-off, which can have the potential to deliver a couple of drastic decline within the coin’s worth. The worth of the favored memecoin has been steadily reducing over the previous few days because it has shed almost 30% of its worth in a single day, following the Coinbase controversy.
Although Coinbase later issued an apology to its hundreds of thousands of shoppers for calling the frog meme a “hate symbol”, the assertion did little to assist the worth of the cryptocurrency. As issues presently stand — within the wake of this crypto information — the worth of Pepe’s native token dropped by 0.51% up to now one hour and is presently exchanging palms at $0.000001268.
Also Read: Can Coinbase Drag US SEC To Provide Clear Crypto Rules After This?
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