Pepe Coin Plummets 4% as Whale Reportedly Dumps Tokens on Binance

Pepe, the popular meme coin, experienced a significant drop of 4% in its price amidst reports of a whale dumping a massive amount of tokens on the crypto exchange Binance. The incident, which was reported by crypto influencer Jake Gagain, claimed that an unknown Pepe whale sold one trillion tokens, equivalent to approximately $8.7 million.

Although the report by Gagain could not be independently verified, market data confirmed a downward trend in Pepe’s price. The Kermit the Frog-inspired meme coin saw a 4% decline in just 24 hours, adding to a 14% decrease over the course of the week. Despite the drop, Pepe’s market cap still stood at $3.6 billion, maintaining its position within the top 30 cryptocurrencies by market valuation.

The sell-off of the Pepe tokens also had a ripple effect on the broader meme coin ecosystem, with other popular meme coins like Shiba Inu, dogwifhat, Bonk, and Floki also experiencing price drops across daily and weekly charts. The meme category as a whole saw a 14% decrease, bringing the total market cap to $62.2 billion.

Not only meme coins were affected by the market downturn, but non-meme altcoins and major cryptocurrencies also experienced modest price regressions. The total cryptocurrency market cap was down by nearly 1%, hovering around $2.4 trillion.

The news of the whale dumping on Binance has raised concerns among investors and traders in the crypto community, highlighting the volatility and susceptibility of the market to large sell-offs. As the crypto market continues to evolve and mature, incidents like these serve as a reminder of the risks involved in investing in digital assets.